Oil Price Plunge Requires Revised Completion Methods

Courtesy of FracKnowledge.
The number of wells drilled this winter in Canada is off sharply during what is normally the peak season for drilling. The number of unconventional wells completed and put into production is down even more.

The plunge in well completions has exceeded the drop in the number of active drilling rigs, and operators are rethinking how they fracture wells now that oil is selling for half of what it did 6 months ago.

For Mike Vincent, an independent consultant who teaches fracturing courses, it led to a change in his lesson plans. “One class I am teaching this summer is titled, ‘How should we complete a well in a low-cost environment?’” he said. “We need to do things differently. There should be a different optimal design if a well is drilled when oil is USD 50/bbl versus USD 100/bbl.”

Financially the goal is simple: find a way to earn an acceptable profit on each dollar invested.

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Oil Price Plunge Requires Revised Completion Methods

Stephen Rassenfoss, JPT Emerging Technology Senior Editor

01 April 2015

Volume: 67 | Issue: 4

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