Rework the data given in Table 1.7 in the textbook by using Excel spreadsheet to determine...

 

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Rework the data given in Table 1.7 in the textbook by using Excel spreadsheet to determine the constants a and b of the cost equation defined with Equation 1.17. Keep at least four digits for the constants in your answer. Determine the expected cost of the well if you drill a well with a TVD (True Vertical Depth) of 18880 ft using the constants you obtained in Part 1. TABLE 1.7 - AVERAGE 1978 COSTS OF DRILLING AND EQUIPPING WELLS IN THE SOUTH LOUISIANA AREA Dry Holes Completed Wells Mеan Мean Depth, D, (ft) Depth Interval (ft) O to 1,249 1,250 to 2,499 2,499 to 3,749 3,750 to 4,999 5,000 to 7,499 7,500 to 9,999 10,000 to 12,499 12,500 to 14,999 15,000 to 17,499 17,500 to 19,999 20,000 and more Depth, D, (ft) Cost, C, ($) 64,289 65,921 126,294 199,397 276,087 426,336 664,817 1,269,210 2,091,662 3,052,213 5,571,320 Number of Wells, n; Number Cost, C, ($) of Wells, n 1,213 1,542 3,015 4,348 6,268 8,954 11,255 13,414 16,133 18,521 21,207 1 8 9. 20 20 47 117 165 1,832 3,138 4,347 6,097 9,070 11,280 13,659 16,036 18,411 20,810 201,416 212,374 257,341 419,097 614,510 950,971 1,614,422 2,359,144 3,832,504 5,961,053 11 43 147 228 125 54 21 110 49 17 11 7 Drilling costs tend to increase exponentially with depth. Thus, when curve-fitting drilling cost data, it is often convenient to assume a relationship between cost, C, and depth, D, given by C=aebD .. (1.17) Rework the data given in Table 1.7 in the textbook by using Excel spreadsheet to determine the constants a and b of the cost equation defined with Equation 1.17. Keep at least four digits for the constants in your answer. Determine the expected cost of the well if you drill a well with a TVD (True Vertical Depth) of 18880 ft using the constants you obtained in Part 1. TABLE 1.7 - AVERAGE 1978 COSTS OF DRILLING AND EQUIPPING WELLS IN THE SOUTH LOUISIANA AREA Dry Holes Completed Wells Mеan Мean Depth, D, (ft) Depth Interval (ft) O to 1,249 1,250 to 2,499 2,499 to 3,749 3,750 to 4,999 5,000 to 7,499 7,500 to 9,999 10,000 to 12,499 12,500 to 14,999 15,000 to 17,499 17,500 to 19,999 20,000 and more Depth, D, (ft) Cost, C, ($) 64,289 65,921 126,294 199,397 276,087 426,336 664,817 1,269,210 2,091,662 3,052,213 5,571,320 Number of Wells, n; Number Cost, C, ($) of Wells, n 1,213 1,542 3,015 4,348 6,268 8,954 11,255 13,414 16,133 18,521 21,207 1 8 9. 20 20 47 117 165 1,832 3,138 4,347 6,097 9,070 11,280 13,659 16,036 18,411 20,810 201,416 212,374 257,341 419,097 614,510 950,971 1,614,422 2,359,144 3,832,504 5,961,053 11 43 147 228 125 54 21 110 49 17 11 7 Drilling costs tend to increase exponentially with depth. Thus, when curve-fitting drilling cost data, it is often convenient to assume a relationship between cost, C, and depth, D, given by C=aebD .. (1.17)

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