US Oil & Gas Industry Driving Efficiencies to New Levels
“Do more with less”
This motto encapsulated the US oil & gas industry during these past two years as operators grabbled with how to survive in the most recent industry downturn. Through innovation and trialing of new technologies and operational approaches, the US land oil & gas operators are driving drilling and completion efficiencies to new levels.
A recent study conducted by Kimberlite Oilfield Research based on personal interviews with over 125 US land oil & gas operators reveals they are indeed accomplishing more with less.
Specifically, US oil & gas operators are drilling 20% longer laterals to increase initial production rates and accomplishing this task with 5.8% fewer drilling days. Truly, doing more with less is being achieved through the drilling efficiencies evidenced in the market and allowing US land operators to drill, on average 8,152 feet laterals, in less time than they drilled one year ago with less footage.
Efficiencies are also evidenced in the completions area with US land oil & gas operators completing on average 48.6% more stages per well and accomplishing this task with only 7% more completion days than one year ago. Again, accomplishing more with less is evidenced by this improvement and being able to complete an additional 14 stages per well versus one year ago and only increasing the number of days by 0.7 versus one year ago.