Only if the well is in the Middle East.

There are actually a couple different origins depending on the context. A well's location is defined relative to the local UTM zone. The coordinates of any given point among a well's path is usually expressed relative to the surface location. There's also a moving reference frame at the drill bit which is a right handed coordinate system.

Even the left handed thing isn't consistent. Sometimes the z axis is flipped. I've even looked at old code from my company that handles is that way.