workover rig cost per day quotation

The commodity price downturn is prompting price reductions among well service contractors in the greater Rockies outside the Williston Basin. In mid-January 2015, service providers report rates down about 10% quarter-to-quarter, similar to reports elsewhere in the oil patch as operators push the service sector for cost reduction. Meanwhile, larger service providers worry about further rate cutting from local, privately-held contractors. Rate reductions have not yet translated to reduction in wages for hands, although expectations are that pricing is going to drop further on the basis of lower commodity prices.

Among Survey Participants:Rig Demand Down QTQ [See Question 1 on Statistical Review]. Seven of the eight respondents said that demand had dropped in 1Q15 vs 4Q14 and all but one blamed lower oil prices for the slowing. One respondent that had seen a slowdown in demand said it was because they had finished all of their completion work. The respondent who had not seen an effect on demand said that their work was steady, but they were hearing of others slowing down.Mid-Tier Well Service Manager: “We are seeing demand slow for rigs and prices are being reduced. Operators are asking for 20% reductions, some are asking for 30% and they may get it. The greater reductions will be from people who are local because they don"t have the overhead expense. The service won’t be as good. On average, operators may get 15% of that 30% they are seeking in reductions.”

Number of Rigs Sufficient [See Question 2 on Statistical Review]. Six of the eight respondents said that the workover rig inventory is excessive for the current demand, while two said that it is sufficient but tipping toward excessive.Mid-Tier Operator: “Operators here are basically focusing on the higher production wells and going to ignore the lower ones. We have heard companies are laying down workover rigs. One company is going from 17 to 13.”

Well Service Work Weighted Toward Standard Workovers and Routine Maintenance [See Question 3 on Statistical Review]. Among all respondents, standard workover work accounts for 34% on average, routine maintenance accounts for 34%, plug and abandonment (P&A) accounts for 16% and completion work accounts for 16%.Mid-Tier Well Service Manager: “Our work slowed because we finished our completion work so the client gave us some production work to keep us steady till we finish this fracking job.”

Hourly Rates Consistent Among HP Series [See Question 5 on Statistical Review]. Most workover rig horsepower falls within the range of the 500 series. The 500 HP hourly rates average $310 to $400/hour depending on what ancillary equipment is contracted. See Table II for Average Hourly Rates.

Hart Energy researchers completed interviews with nine industry participants in the workover/well service segment in areas of the Rocky Mountains outside of the Bakken Shale play. Participants included one oil and gas operator and seven managers with well service companies. Interviews were conducted during January 2015.

3. Looking at your slate of well service work - on a percentage basis - how much of it is workover vs. routine maintenance vs. plug & abandonment (P&A) vs. completion work?

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Well Service | Workover Rigs - 844/80 Double drum draw works. looks to be recently rebuilt. Has new Lebus Grooving on Tubing Drum. Comes w/ 250 HP 2 speed jackshaft/RA BOX. More Info

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Workovers are the most common expenditure operators need on their oilfields. However, finding a service provider and getting their rates are not readily available in the industry. Operators would benefit from knowing the market average for a workover and gain reassurance they are getting a fair price for their services. This research is based on finding workover rigs for Zapata, Texas. The graph represents four service provider companies and their hourly rate for a workover rig.

It is important to note that due to slower oil development in recent years from the downturn in 2015 to the pandemic and downturn in 2020, smaller workover rig companies in Zapata, Texas have increasingly moved to the Permian Basin or have been acquired by larger service companies in the area. This has caused the workover rig service industry to be dominated by a few major servicers around Zapata. For Zapata, the ideal areas to look for servicers or workover rigs are Alice, Laredo, and Freer in Texas.

Hourly rates for workover rigs vary and there are always competitors for services, especially for services as common as a workover rig. The market average price for a service provider is intended to provide the oil and gas operator better insight on the cost of services around their area.

An operator who wanted bids on a workover for his well requested this vendor list and decided to get connected with Company B to get the work done. He said it was a quick decision because what he was already paying for and what he was going to pay for cost more than the rates on this list.

In order to help oil and gas operators reduce operational expenditure, Petrofly researches the servicing market to provide the most economical options for your oilfield service needs. Petrofly’s platform is the complete upstream solution and leveraging the market average is one of the unique tools operators utilize to ensure lower operational costs.

OSLO, Sept 14 (Reuters) - Rental rates for offshore oil and gas rigs could rise to $500,000 in the coming months, company executives said on Wednesday.

Daily costs to hire a rig, known as the dayrate, have already more than doubled from two years ago to some $300,000, with some top-end rates reaching close to $400,000, according to Oslo-based brokerage Pareto Securities.

Drilling companies are in a stronger position to demand higher rates to rent their equipment after several lean years led to a wave of mergers and pushed them to scrap older rigs, leaving fewer available now that demand is rebounding. read more

A workover rig. Operating rates vary. Petrodata Offshore Drilling Fleet Day Rate Index offers monthly updates of competitive mobile offshore drilling fleet day rates and utilization across four rig.

Using econometric analysis, we examine the effects of gas and oil prices, rig capacity utilisation, contract length and lead time, and rig-specific characteristics on. More than % of surveyed drillers expect to put more rigs to work over the next US land rig day rates on average—aggregated across all rig classes and all. The value lossr(i, last) is equal to the estimated flow rate of well r multiplied by its iddle time once it is assigned to the last position of workover rig i. This idle time is. A discussion of crude oil prices, the relationship between prices and rig count, Workover rig count is another measure of the health of the oil and gas industry. Table 2. Sample Operations Sequence--. Mechanical Descaling. COST. TOTAL COST. UNIT. RATE. MOBILIZATION-OEMOBILIZATION. Workover Rig. 20 hrs.

More than 75 years ago, it was. This allows increased recovery rates. Both drilling rigs and workover rigs are expensive resources that are typically limited well in the field, then we may be able to maintain the field production rate. United Kingdom operating over 25 drilling and workover rigs and providing a Marriott offers a selection of business arrangements from traditional day rate. Offshore Rig Fleet. Accommo- dation. Jack-up. Super. Self-. Workover. Jack-up The improvement in rig rates that has characterized our North American. The rigs have initial positions and.

The wells have different loss rates, need different services, and may not be serviced within the horizon. On the other hand, the number of available workover rigs. On a drilling rig, he or she may be responsible for the circulating machinery and the conditioning of the drilling or workover fluid. derrickman: n: see of drilling fluid and utilizes the hydraulic force of the fluid stream to improve drilling rates. To combat this CERP, as announced. All Drilling Rigs Trailer Mounted Rigs Carrier Mounted Rigs Workover Rigs Rebuilt IHS Markit can provide current and historical day rates for all offshore rig.

Specialties: Workover Rig, Swabbing Units, Air Packages For more information on rates and availability please call (701)8 7201 or email any questions to. The company owns 3 drilling rigs, 3 workover rigs, as well as special-purpose Availability of the Top drive allows drilling wells at high rate and reduces the risk. Cost Analysis The overwhelming majority of the equipment is manufactured by third parties. Constructed with information from rig operators and owners worldwide, offshore rig day rate data is the most accurate information of its type available from any source. Offshore Rig Day Rate Trend Coverage. IHS Markit can provide current and historical day rates for all offshore rig categories worldwide. Most workover rig horsepower falls within the range of the 500 series.

Well work and well servicing is a complicated subject and there are a lot of moving parts. It is potentially so complex that many oil and gas companies seek to avoid it altogether when they can. A thorough understanding of the rank order of the options available, and what they can do is the key to being able to unlock tremendous value. A few ‘simple’ or fortunate’ or ‘clever’ oil and gas operations can be set up where operations are simple – drill a well, complete it, produce it to abandonment pressure and conduct abandonment. For every other situation well servicing is the key to profitable operations. This is a very general way to look at the cost of well servicing, and how it affects operations in the field. The exact details will vary from country to country, field to field, region to region and company to company.

The following general group of services are available for well work. They are listed roughly in order of cheapest to most expensive for land operations.

In shallow waters with fixed platforms or other facilities with direct well access the chain of costs and values are slightly different - the overall costs are generally higher, but the general ‘ladder of values; is different also.

Pumping services tend to get more expensive offshore, because of the degree to which the equipment must be assembled on location. Wire based services still require assembly, but because the parts are smaller can usually be mobilized in larger ‘chunks’ thus requiring less assembly on location. On land, fluid pumping equipment is much more readily portable on trucks or trailers. Workover rigs on land are incredibly cheap in most places as measured on a per diem basis. Part of their advantage is that they arrive to location with most of their key components already assembled in/on one truck. This advantage disappears offshore where the rig must be assembled on site first.

In deep-water with subsea wellheads where there is no permanent facility available to access the well, costs are turned on their heads, and look roughly as follows:

Paying for a drilling rig or intervention vessel is the price of gaining physical access to the well. Everything else must be added to it to get physical access to the general area and then gain access to the well. There is no need for various forms of standalone pumping services because the vessel or rig will already have a cementing unit and/or the mud pumps available for that sort of work.

Performing the same operation over and over again has significant cost savings attached to it. Once the correct housing and supply arrangements are in place, and all the necessary people and equipment have been assembled, continuing to use it altogether ‘as is’ can save an enormous amount of money compared to dispersing it all and starting over again later. For land operations, this is most pronounced in areas where reservoir, surface, and operational practices allow for grouping wells together in relatively small areas, and for clustering well pads. Depending on what work is being done to the wells and how close together they are it may be possible to ‘hop’ from one well to the other without ever moving the equipment on a road or doing a complete rig-down.

This is one area where offshore operations can see tremendous improvements and synergies. Having facilities with multiple wells at a single physical location allows for extremely high levels of flexibility economies of scale if the same sorts of equipment and skills can be utilized on one well after another in succession.

Deepwater operations can benefit from this too, but not as much as ‘traditional’ fixed or surface access facilities, because the overall day rate of the rig or intervention vessel is often much higher, and the process of switching between wells is often much lengthier.

On land, you hire the unit and crew, and a small diem fee is added to the cost of employing them so they can stay in a hotel and get food when they are not working. The crews will transport themselves to and from the well and move the equipment to and from the well also.

Offshore, housing, food, and transportation to and from the wellsite must be arranged as part of the work to be performed. This involves contracting crewboat(s), work boat(s) helicopter flights, catering services, and crew quarters buildings with a galley, laundry, showers, toilets, etc. Extra space must be allocated or created at or near the wellsite facility for the extra quarters. Many of these same factors are also present in remote land locations. The nature of operations in the Sahara Desert, or the North slope of Alaska, or the Congo jungle are more like those offshore with respect to cost and access than they are to more ordinary land operations where ‘normal’ food and housing operations catering to the population of the area in general are accessible.

For deepwater, everything for offshore must be provided, but with the additional difficulty that none of it can be made permanent, because there are no permanent surface facilities. In addition, simply getting to the wellhead once you have a drillship, semi-submersible, light well intervention vessel or other type of access facility floating over the top of the well is a considerable challenge. Depending on the nature of the operations which must be conducted, the access method, and the weather and current conditions it may take a period ranging from a day or two, to several weeks before access to the well is accomplished and the well work itself can start.

The costs of conducting business in each of these 3 areas tend to scale very roughly in factors of 10. 100 wells making 50 bbls of oil each on land is a cash cow. Offshore that is a disaster, because the cost of servicing those wells is prohibitive. A more reasonable scenario is 10 wells making 500 bbls of oil each. In deepwater, a well making 500 bbls of oil a day is an abandonment candidate, if indeed it got that far along before abandonment. One well making 5,000 bbls a day is more. The direct cost of hiring (for example) a snubbing unit do not scale by factors of 10, but the overall cost of employing a snubbing unit do. As a result, different types of well servicing make sense in one area which may not make sense in another. On land in areas with ordinary access to infrastructure (not the Sahara or Alaska) operations like slickline are often so cheap that they are a routine procedure, with preventative or predictive maintenance schedules to scrape away paraffin or remove small amounts of scale. By contrast, it is completely cost prohibitive to try and attempt to perform similar work in deepwater – you either design and operate the well in such a way that paraffin and scale do not build up in the wellbore at appreciable rates, or you P&A the well. The cost of routine mitigation is simply too high. The relative cheapness of most workover rigs on land is another major factor. Many types of operations which could in theory be carried out in some other way are done with a workover rig simply because it is the most cost-effective technique, even if other methods might be faster, or involve fewer people. The relatively high cost of a rig for offshore facilities means that in most cases every effort short of getting a rig is tried first. Then a catalogue or list of operations to be conducted by a rig at a given facility will be gradually built up over time until they reach a critical level. At that point, a rig will be sent out to conduct all the operations which only it can perform, moving from one well another to save costs by making the work repeatable.

Workover operations with conventional workover rigs have an enormous impact on the site, adding strain to operational and production targets. Alternative approaches to optimize Electrical Submersible Pump (ESP) replacements were evaluated and a Hydraulic Workover Unit (HWU) was selected as delivering the most advantageous outcome for the field to expedite the workovers efficiently and cost effectively. The HWU is more than capable to overcome any challenges and perform the replacement of failed ESP"s, yet at the same time is a more compact & mobile unit than a traditional workover rig resulting in a much reduced impact on the wellsite. Several major benefits are gained including; avoidance of disruption to nearby wells, faster well turn-around, reduced cost, and ultimately an increased production avails. The size and scale of conventional workover rig and well spacing require the candidate well and other nearby wells to remove flowlines and instrumentation to create enough space for the rig and ancillary equipment. One of the primary design features of a standard HWU is the high level of accessibility in tight spaces allowing the unit to be assembled in small multiple individual components. This can be very time consuming so the challenge was to benefit from the superior accessibility but also to minimize the rig time for a more efficient process. To achieve this, a specialized fit for purpose HWU with the modular construction packaged into minimal components allowing for a swift rig up and efficient deployment of the unit. This HWU remains highly accessible and can replace the failed ESP without disturbing the installed production flowline infrastructure and instrumentation.

The HWU has been a key technology enabler transforming the status quo to improve the optimization of resources and reduce operational costs. During the project of 8 pilot wells, the average workover cost reduction was calculated at 61% per well. The improvement in operational efficiency benefited from an overall 69% faster site and well preparation duration with a 13% reduction in rig time. The magnitude of these improvements in efficiency, cost avoidance and the unlocking of earlier production availability is a game changer for ESP replacement operations. The HWU equipped with comprehensive capabilities has proven itself as a viable alternative to conventional workover rigs to replace failed ESP"s. The design enhancements of the pre-assembled modular construction for the HWU minimizes the hazardous and labor-intensive assembly onsite, increasing the safety environment for the operational personnel.

Workover rig drillout operations can be some of the most costly and important activities in the life cycle of a well. Through the expanded collection of operation-specific data, operators and service companies alike can increase operational efficiency, improving both cost and predictability of a given operation. Within the workover rig completion space, this has allowed for more in-depth analysis to be conducted in a previously data-scarce part of the industry. Acquisition and analysis of this data has opened the door for further operational efficiency improvements as well as more consistent and predictable execution.

This paper will focus on three examples that examine the value extracted from analytics conducted on data that has been captured in real time. These include: 1) Establishing baselines for key performance indicators (KPIs), 2) Developing best practices for frac plug milling operations, and 3) Optimal plug selection.

Analysis and implementation of these data-driven solutions have already resulted in significant improvements in the workover rig completion space. Using these techniques to set performance targets for rig personnel, several operators have seen improvements in well-to-well transitions, mobilization and connection times, as well as overall plug milling performance. Data behind several milling practices shows that top performances require the combination of higher average weight on bit, a bit as close to drift ID as possible, and the use of tools that allow pump rate to be maximized. Milling performance recorded on a sample size of over 25,000 plugs provides confirmation of optimal plug selection options in each basin for drillout purposes.

The collection and analysis of data across the industry continues to present opportunities to quantify and implement strategies that have resulted in improvements across the board. Incorporating analytics to stick pipe operations has resulted in comprehensive benchmarking of operations and improved execution of workover rig drillouts.

Every workover rig available is going right now in the Bakken, North Dakota’s top oil and gas regulator Lynn Helms said on Friday, during his monthly oil production report, as companies try to get wells online as quickly as possible after back-to-back blizzards idled a substantial number of four and five-well pads in Williams, Divide, and McKenzie counties.

March was a good month for production, Helms said, with a 2.8 percent increase in crude oil production from 1.089 million barrels per day to 1.12 million barrels per day. That figure is 2 percent above revenue forecast. Gas production, meanwhile, rose 4.5 percent to 3.01 billion cubic feet per day from 2.87 billion cubic feet per day in February.

Gas capture percentages were 95 percent, and this time Fort Berthold was a bright spot, with 97 percent capture. Helms said he expects continued improvement in the Fort Berthold area, with new solutions for gas capture in the works for the Twin Buttes area, which has been a problem spot.

“We saw production in the first blizzard dropped from about 1.1 million barrels a day to 750,000 a day,” Helms said. “We recovered not quite back to a million barrels a day. And then the second blizzard came in. It was heavily impactful on electrical power and infrastructure in the Bakken oil fields.”

“It took a week, or I guess within a little bit less than a week, we recovered to 700,000 and it’s taken another week, we think we’re back at about a million barrels a day.”

“Just this past week, our largest gas plant came on and that’s really enabled a lot of production to come back on,” Helms said. “So we’re back to a million barrels a day, maybe a little more. You know all of the large operators reported enormous production losses. And of course that has led to the deployment of every workover rig available being out there trying to get wells back on production.”

In his discussions with drilling contractors, Helms has learned that most drilling rigs went south to Texas and New Mexico, both of which escape winter sooner than the Bakken. Those areas hired the available workforce, too, which has added to the Bakken’s difficulty in attracting workforce.

“It’s taking around two months to train and deploy a drilling rig and crew, and very similar timeframes for frack crews,” Helms said. “So it’s just very, very slowly coming back.”

“I was reading an article today, and some of the large operators were saying, ‘Well you know we could bid up the price to hire frack crews, but all we would be doing is hiring them away from smaller companies that can’t afford to pay as much.’ So there wouldn’t be a gain in the number operating, in the number of wells completed, or really a more rapid rise in production. So it’s very much workforce limited.”

North Dakota rig counts are at 40 right now and Montana rigs are at 2, according to figures from North Dakota Pipeline Authority Justin Kringstad. Helms said the Bakken hasn’t seen those numbers since March of 2020. There are about 15 frack crews running now, a number last seen in April 2020.

“Today’s price is almost $102 a barrel for North Dakota light sweet and $106 West Texas,” Helms said. “So we’re estimating about $104 a barrel for North Dakota crude prices. That’s more than double revenue forecast. Revenue forecast was based on $50 oil, so that’s 108 percent above that.”

North Dakota is a few days away from a May 18 deadline for protests in the projected June sale, which has 15 parcels listed. If there’s a protest against one or more of the tracts, they could be pulled from the sale for further consideration.

Many people are surprised to learn that the large oil and gas companies that they see in the news or purchase their gasoline from do not drill their own wells. The actual drilling of wells is typically performed by a Drilling Company or Drilling Contractor that specializes in drilling operations. These drilling companies have the expensive equipment (drilling rigs), personnel, and expertise for performing the complex activities associated with oil or gas well drilling. In almost all cases, a Field Operator or Field Operating Company (the oil or gas company operating the field and requiring the services of a drilling company) will develop a contract with a drilling contractor to drill wells in the field. To minimize rig transport time (and cost) and to develop reasonable terms for a good long-term contract, field operators will normally develop a one- to two-year queue of desired work to guarantee to the drilling company. Therefore, the contracting process is performed after the field operator has a mature, robust plan for the field or lease development and a viable rig schedule.

There are many contract types used in the oil and gas industry, but two of the more common contract types are the Day-Rate Contract and the Turnkey Contract. Of these two contract types, the day-rate contract is the more common contract.

In a day-rate contract, the drilling engineers for the operating company design the well, and the operating company leases the drilling rig, its personnel, and routine supplies at a fixed daily rate (Day Rate) from the drilling contractor. This day rate may or may not include fuel (depending on the terms of the contract) and does not include the costs of Capital Goods or special services (such as well logging, cementing, or stimulation). Capital Goods or Tangible Drilling Supplies are tangible items required for the well, such as Casing, Tubing, Completion Equipment, Down-Hole Pumps, etc. (the term “tangible items” refers to items that can literally be touched). Typically, the day rate accounts for approximately one half of the costs required to drill the well. The Total Daily Cost required to drill a well is referred to as the Spread Rate.

To summarize, in a day-rate contract, drilling engineers working for the operating company design the well and plan all of the equipment specifications. In addition, the operating company leases the rig and its rig crew at a specified daily rate (day rate) which accounts for approximately one half of the daily expenditures. The actual daily rate to drill the well is the spread rate.

In a turnkey contract the operating company pays the drilling contractor to design and drill the well for a fixed cost. Thus, the operating company provides the objectives of the well, the desired data acquisition program for the well, the surface location of the well, the bottom-hole location of the well, and the target depth(s) of the well. Drilling engineers working for the drilling company then design and execute the well and coordinate all service work with the Service Companies.

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company"s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units. As of February 9, 2017, its fleet consisted of 30 floaters, seven harsh environment floaters, three deepwater...More