Munich Re’s patent describes a system for assessing drilling risk by analyzing Below Rotary Table hours and well-field parameters. It utilizes Monte Carlo simulations to evaluate non-productive time and generate risk models, enabling real-time adjustments to drilling operations based on statistical performance data. GlobalData’s report on Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re) gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re), was a key innovation area identified from patents. Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re)'s grant share as of July 2024 was 41%. Grant share is based on the ratio of number of grants to total number of patents.
Risk assessment method for well completion using statistical simulations
The patent US12073474B2 describes an advanced apparatus and system designed to optimize drilling operations by managing non-productive time (NPT). The apparatus includes an input interface, user interface, a database for NPT event frequency, non-transitory memory, and a processor. It is configured to receive drilling data, determine current NPT performance values, and categorize this data based on predetermined criteria. The system employs statistical simulations to estimate future NPT performance, generating risk values that map NPT event severity against frequency. Additionally, it creates iso-risk contours and calculates below rotary table (BRT) hours, which are essential for predicting downtime and improving operational efficiency.
The method outlined in the patent further enhances drilling performance by utilizing Monte Carlo simulations and external databases to refine NPT risk assessments. It incorporates various parameters, such as hole size, depth, and assembly configurations, to generate a comprehensive completion distribution record. This record is continuously updated to reflect performance metrics, allowing for real-time adjustments to drilling tools. The user interface provides graphical displays of these adjustments, facilitating informed decision-making during drilling operations. Overall, the patent presents a systematic approach to minimizing downtime and enhancing the efficiency of drilling processes through data-driven insights and real-time operational adjustments.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
