Oct 17, 2017
SAN ANTONIO – Despite challenges facing the oil and gas industry, advances in technology and improvements in efficiency continue to drive well costs down and keep the industry competitive.
That is according to executives who spoke at the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition in San Antonio.
Drilling and completion costs are down about 40 percent from the peak of the oil boom, which came in mid-2014 at $107 per barrel before crashing to $26 by early 2016.
New wells in the first 90 days produce 4½ times the amount of oil—in the same area—as wells drilled five years ago.
Also, real-time monitoring of wells means that companies know exactly what’s going right or wrong at a particular well site.
National oil production in 2018 is expected to reach around 9.9 million barrels per day, and the Energy Information Administration expects the U.S. to become a net exporter of natural gas in 2017.
Read more at the San Antonio Express-News