Koulidis and El-Aayi presented a poster for the Oil and Gas portion of the event titled, “Drilling Optimization with Payzone Drilling Simulator(TM) and Economic Analysis of Cost Reductions – A Case Study From Western Newfoundland, Canada.” The poster presentation illustrates a method for optimizing the drilling of an offset well to an already drilled explorational well, with an expected similar geological profile. Using Payzone Drilling Simulator(TM), the explorational wells geology is modeled and by the slight alteration of several drilling parameters, the offset well can be more optimally drilled. The economics of the explorational well were also modeled, and by incorporating the results of the drilling simulator, the new costs were determined for the offset well. For this Case Study, the results show that this method could be utilized for cost saving of $1.3 million (19% cost reduction) and saving of 16 days (25% reduction in effective drilling time).
