Costs of U.S. oil and gas companies on exploration and production fell last year by 25-30% compared to 2012 levels, when they were at a decade high. This was the result of the introduction of advanced technologies, which enhanced the efficiency of drilling and development of boreholes after drilling, the research conducted by the consulting company in the energy sector IHS Global Inc. commissioned by the energy information Administration (EIA) U.S. Department of energy.
IHS has conducted studies on the deposits of the largest U.S. deposits of shale oil Eagle Ford, Bakken, Marcellus and Permian. When compared with the results of the year 2014, last year the cost of running one well is decreased by 7-22%.
Maintaining low costs of exploration and production may affect oil and gas market in the short term and, ultimately, on energy prices, according to IHS. In mid-March amid rising oil prices compared to January’s 13-year low of us shale companies have already begun to resume production of raw materials for industries previously frozen.
The company, Pioneer Natural Resources and Oasis Petroleum expect to recover between 70 and 85% of oil production with minimal payback. “American producers of shale oil was never going to stand still,” commented technological progress John Richardson from energy consultancy ICIS.
The cost of the continental deposits depend on a number of factors such as geological conditions, depth of wells, the possibility of pumping of effluent etc. the Introduction of advanced technologies and structural optimization of wells reduced the time of drilling and development of boreholes after drilling, the total cost of wells and enhance their performance.
Subsequent standardization of these procedures and the improvement of the well structures will continue to reduce costs. The cost per foot of penetration during drilling will remain low until at least 2018, predicts IHS.