It Just Keeps Coming... Drilling and Completion Efficiencies Continue to Increase
Just when you thought drilling and completion efficiencies were topping out, we are proven wrong…… again!
The grit, innovation, and tenacity of the oilfield service suppliers and operators continue to showcase world-class performance and drive drilling and completion efficiencies to new heights that many believed would one day come to an end.
US land operators report increasing the average lateral lengths of wells drilled in the past year by 7.4% while the average number of days to drill a typical well in US land decreased by 2.7%. In addition, operators report increasing the average number of stages completed per well by 9.1% while the average number of days to complete a typical well declined by 4.7%. Regional variances are observed.
Even with supply chain & logistical challenges, the US land oil & gas industry is operating at very high-efficiency levels that set the standard for the global industry and reflects the hard-working men and women who make it happen each day by leveraging technology, capitalism along with grit and innovation to meet the growing energy demand for the US and the world.
And yes, global energy demand and the use of fossil fuels will continue to increase and dominate the energy complex for many decades to come requiring the need for additional investment and efficiencies.
While we may not know today what the next breakthrough will be, you can rest assured that the US land oil & gas industry will play a major role in making that next breakthrough possible.
Kimberlite will continue to track industry trends and technology adoption including the growing use of dissolvable plugs, simultaneous hydraulic fracturing, use of recycled water, and other technologies. Feel free to reach out to discuss.