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Offshore Drilling metrics and KPIs

What are Offshore Drilling metrics?

Developing an effective Offshore Drilling metrics can be intimidating, especially when your daily duties demand your attention. To assist you, we've curated a list of examples to inspire your planning process.

Feel free to copy these examples into your favorite application, or leverage Tability to maintain accountability.

Find Offshore Drilling metrics with AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI metrics generator below to generate your own strategies.

Examples of Offshore Drilling metrics and KPIs

Metrics for Offshore Drilling Industry Growth

  • 1. Rig Count

    The total number of operational offshore drilling rigs globally, indicating industry activity levels

    What good looks like for this metric: 300-400 rigs

    Ideas to improve this metric
    • Increase operational efficiency of existing rigs
    • Invest in advanced drilling technology
    • Expand exploration to new regions
    • Enhance training for rig personnel
    • Collaborate with local governments for permits

  • 2. Daily Production Volume

    The amount of oil extracted per day from offshore wells, reflecting production capacity

    What good looks like for this metric: 75-100 million barrels per day

    Ideas to improve this metric
    • Optimise existing well operations
    • Deploy enhanced oil recovery techniques
    • Regularly maintain and upgrade equipment
    • Increase number of active wells
    • Integrate real-time monitoring systems

  • 3. Exploration Success Rate

    The ratio of successful offshore drilling explorations to total attempts, indicating efficiency of exploration efforts

    What good looks like for this metric: 20-30%

    Ideas to improve this metric
    • Utilise better geological data analysis
    • Invest in modern seismic survey technology
    • Form strategic exploration partnerships
    • Train geologists in advanced exploration techniques
    • Reduce exploratory costs

  • 4. Capital Expenditure

    Total investment in offshore drilling activities including equipment, maintenance, and development

    What good looks like for this metric: $100-$150 billion annually

    Ideas to improve this metric
    • Diversify investment across multiple regions
    • Streamline procurement processes
    • Reduce downtime to lower costs
    • Invest in cost-effective technology
    • Negotiate long-term contracts with suppliers

  • 5. Environmental Compliance Rate

    Percentage of drilling operations within industry environmental regulations, ensuring sustainable practices

    What good looks like for this metric: 95-100%

    Ideas to improve this metric
    • Position environmental compliance as a priority
    • Regularly update to latest environmental standards
    • Implement comprehensive monitoring systems
    • Conduct frequent audits and assessments
    • Integrate clean technology solutions
offshore-drillingproduction-capacitygeologistdrilling-engineerexploration-teamcompliance-team
Implement these metrics

Tracking your Offshore Drilling metrics

Having a plan is one thing, sticking to it is another.

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to keep your strategy agile – otherwise this is nothing more than a reporting exercise.

A tool like Tability can also help you by combining AI and goal-setting to keep you on track.

Tability Insights DashboardTability's check-ins will save you hours and increase transparency

More metrics recently published

We have more examples to help you below.

Planning resources

OKRs are a great way to translate strategies into measurable goals. Here are a list of resources to help you adopt the OKR framework:

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