New technology helps US shale oil industry start to rebuild well productivity

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Oil And Gas Companies Notícia

Oil Production,Permian Basin,Fracking

Technology advances are making it possible for U.S. shale oil and gas companies to reverse years of productivity declines, but the related requirement to...

HOUSTON - Technology advances are making it possible for U.S. shale oil and gas companies to reverse years of productivity declines, but the related requirement to frontload costs by drilling many more wells is deterring some companies from doing so.

"Wells are getting worse and that is going to continue," said Dane Gregoris, managing director at Enverus Intelligence Research firm. "Companies now can complete wells faster and cheaper," said Betty Jiang, an oil analyst with Barclays. "That's $100 million in the ground before you see any revenue," he said. "For small companies like Tall City, that's a big challenge."Simul-fracking can also lower well costs by between $200,000-$400,000, or 5%-10% apiece, said Thomas Jacob, senior vice president of supply chain at researcher Rystad Energy estimates.Oil analysts anticipate use of the new technology will accelerate.

"Companies are making a fine-tuning and getting better and better in fracking," said Oestmann. "Without them, production would fall." But the biggest shale producers have committed to using oil revenue to finance shareholder returns rather than drilling expansion. Two of the biggest shale oil operators, Exxon and Chevron, have missed targets for Permian production in the past years.

 

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