RigData Insights

Silver Lining In Oil Slump

  • Tuesday, September 8, 2015
  • Posted By Unknown
Despite the steep drops in oil prices and rig counts, improved rig efficiencies, expanded geological knowledge, and growth in multiple-well pad drilling have not only decreased well costs in the US, they have also reduced the number of rigs needed to maintain and eventually increase crude oil production. According to RigData’s RADAR Report, in 2012, the number of wells that could be drilled by a single rig on US Land was 4.9; currently, the number of wells drilled per rig is 5.2—but that would mean 300 additional net wells if there were 1,000 rigs drilling at any given time. Looking at drilling days spud-to-release, the yearly average of the number of days spent on a US land well is 28.2 for 2015 YTD.  The average number of days has decreased by 22%, or 7.7 days, since 2013’s average of 35.9, which is the result of many factors affecting drill time. The Rocky Mountains, Appalachia, and South Texas have exhibited the highest improvements in drill times with reductions of 47%, 46%, and 42%, respectively, when comparing 2015 YTD to 2013
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