Reducing Non-Productive Time (NPT) is critical for cost optimization in offshore drilling operations, where operational efficiency directly impacts financial performance. NPT, which refers to periods when drilling activities are halted or progress is significantly slowed, can lead to substantial financial losses and project delays. Effective strategies for minimizing NPT are essential for optimizing costs and enhancing overall drilling performance. This paper adopted a descriptive approach in evaluating key strategies for reducing NPT through Lean methodologies, such as Define, Measure, Analyze, Improve, and Control (DMAIC) framework, which helps to eliminate waste and non-value-adding activities. Improved process efficiency results in faster operations and reduced downtime, contributing to significant cost savings. Effective resource management, including optimized crew deployment and inventory management, further supports cost reduction by avoiding overstocking and ensuring optimal use of resources. The paper concluded that reducing NPT through predictive maintenance, parameter optimization, process efficiency, and resource management using Lean Six Sigma Method is crucial for cost optimization in offshore drilling operations. These strategies collectively enhance operational performance, leading to financial and efficiency gains in the industry.
| Published in | American Journal of Theoretical and Applied Business (Volume 10, Issue 4) |
| DOI | 10.11648/j.ajtab.20241004.11 |
| Page(s) | 73-78 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2024. Published by Science Publishing Group |
Non-Productive Time, Offshore Drilling, Cost Optimization, Drilling Operations
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APA Style
Eteyen, O. (2024). Reducing Non-Productive Time: Strategies for Cost Optimization in Offshore Drilling Operations. American Journal of Theoretical and Applied Business, 10(4), 73-78. https://doi.org/10.11648/j.ajtab.20241004.11
ACS Style
Eteyen, O. Reducing Non-Productive Time: Strategies for Cost Optimization in Offshore Drilling Operations. Am. J. Theor. Appl. Bus. 2024, 10(4), 73-78. doi: 10.11648/j.ajtab.20241004.11
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author = {Oboho Eteyen},
title = {Reducing Non-Productive Time: Strategies for Cost Optimization in Offshore Drilling Operations
},
journal = {American Journal of Theoretical and Applied Business},
volume = {10},
number = {4},
pages = {73-78},
doi = {10.11648/j.ajtab.20241004.11},
url = {https://doi.org/10.11648/j.ajtab.20241004.11},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtab.20241004.11},
abstract = {Reducing Non-Productive Time (NPT) is critical for cost optimization in offshore drilling operations, where operational efficiency directly impacts financial performance. NPT, which refers to periods when drilling activities are halted or progress is significantly slowed, can lead to substantial financial losses and project delays. Effective strategies for minimizing NPT are essential for optimizing costs and enhancing overall drilling performance. This paper adopted a descriptive approach in evaluating key strategies for reducing NPT through Lean methodologies, such as Define, Measure, Analyze, Improve, and Control (DMAIC) framework, which helps to eliminate waste and non-value-adding activities. Improved process efficiency results in faster operations and reduced downtime, contributing to significant cost savings. Effective resource management, including optimized crew deployment and inventory management, further supports cost reduction by avoiding overstocking and ensuring optimal use of resources. The paper concluded that reducing NPT through predictive maintenance, parameter optimization, process efficiency, and resource management using Lean Six Sigma Method is crucial for cost optimization in offshore drilling operations. These strategies collectively enhance operational performance, leading to financial and efficiency gains in the industry.
},
year = {2024}
}
TY - JOUR T1 - Reducing Non-Productive Time: Strategies for Cost Optimization in Offshore Drilling Operations AU - Oboho Eteyen Y1 - 2024/10/31 PY - 2024 N1 - https://doi.org/10.11648/j.ajtab.20241004.11 DO - 10.11648/j.ajtab.20241004.11 T2 - American Journal of Theoretical and Applied Business JF - American Journal of Theoretical and Applied Business JO - American Journal of Theoretical and Applied Business SP - 73 EP - 78 PB - Science Publishing Group SN - 2469-7842 UR - https://doi.org/10.11648/j.ajtab.20241004.11 AB - Reducing Non-Productive Time (NPT) is critical for cost optimization in offshore drilling operations, where operational efficiency directly impacts financial performance. NPT, which refers to periods when drilling activities are halted or progress is significantly slowed, can lead to substantial financial losses and project delays. Effective strategies for minimizing NPT are essential for optimizing costs and enhancing overall drilling performance. This paper adopted a descriptive approach in evaluating key strategies for reducing NPT through Lean methodologies, such as Define, Measure, Analyze, Improve, and Control (DMAIC) framework, which helps to eliminate waste and non-value-adding activities. Improved process efficiency results in faster operations and reduced downtime, contributing to significant cost savings. Effective resource management, including optimized crew deployment and inventory management, further supports cost reduction by avoiding overstocking and ensuring optimal use of resources. The paper concluded that reducing NPT through predictive maintenance, parameter optimization, process efficiency, and resource management using Lean Six Sigma Method is crucial for cost optimization in offshore drilling operations. These strategies collectively enhance operational performance, leading to financial and efficiency gains in the industry. VL - 10 IS - 4 ER -
Department of Logistics Management, Universidad Catolica San Antonio, Murcia, Spain
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