Well Lengths by Completion Month
Technological Innovation Leads to Efficiencies in Drilling
The price for a barrel of WTI crude and ND Bakken crude has remained low over the past few months. In addition to the price decline, inflation has been relatively high, increasing the cost of products and other materials used in the drilling process; therefore, causing the oil industry to pursue innovative technology. One of the most significant technologies has been an increase in the lateral well length. As shown in the graph below, provided by the Department of Mineral Resources, laterals that are greater than 3 miles in length now represent 35% of the wells permitted to date, while just 3 years ago this number was less than 10% of the wells permitted in ND. This technological innovation continues to drive operating efficiencies for oil & gas operators, allowing them the ability to drill, complete, and produce at lower oil prices.
|
