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For the past few years when the cost of oil was low, oil companies needed to keep some amount of trained workers in work. So what they've been doing is "start
by lithos 9y ago
For the past few years when the cost of oil was low, oil companies needed to keep some amount of trained workers in work. So what they've been doing is "starting" wells and then stopping the drill a safe distance, to leave everything in a state where they can tap the well in a short period of time to respond to prices. (Though I don't really have any knowledge of the actual scale, since it's just from talking to people where they're going/gone after leaving the Nuke program) Which is where some of that boom is from, since right now OPEC is struggling to control production to raise prices.
- rbcgerard 9y agohttps://www.eia.gov/petroleum/drilling/#tabs-summary-3 https://www.eia.gov/petroleum/drilling/#tabs-summary-3 See the “DUC” section
- provost 9y ago128 fresh drilled-but-uncompleted wells in a month seems impressive (they show 94 as the change, but are subtracting 34 that were completed). Drilling roughly four a day.
- thematt 9y agoCompletion of DUC wells doesn't have much if anything to do with predicting or waiting for a particular price, as most E&P companies are all hedged on a yearly basis. It's more about the manpower/equipment needed to frack, which is currently in short supply.