Domestic oil and natural gas production growth will continue thanks to the Permian Basin.
In its monthly Drilling Productivity Report, the U.S. Energy Information Administration forecasts U.S. oil production to average 9.1 million barrels per day and gas production to average 95.1 billion cubic feet per day in November.
Of that, the Permian Basin is projected to produce an average of 5.5 million barrels of oil per day, or 60% of total US monthly production. This far exceeds the contributions of Bakken and Eagle Ford (13% each), or the other He four major production basins, which provide the remaining 14%.
Haynesville sees the biggest increase in natural gas production in November, with EIA saying it will average 21.1 Bcf per day during the Permian period, or 22% of US production. Appalachia is expected to produce 35.7 Bcf or 38% and Hainesville is expected to contribute 16.1 Bcf or 17%.
The EIA estimates that the technological advances completed in the Permian Basin will result in record new well productivity in the region in 2021.
The average productivity of new wells in the Permian Basin has increased for the 12th consecutive year. The core area of the Permian Basin, and its Delaware and Midland sub-basins contain multiple stacked shale formations. By 2021, each newly drilled field in the Permian Basin was producing an average of 960 barrels of oil equivalent per day.
The Permian Basin has been producing oil and related natural gas from vertical wells for decades, the agency said. Since 2010, advances in hydraulic fracturing and horizontal drilling have led to a rapid increase in production. The number of new horizontal wells has increased from 350 in 2010 to 4,524 in 2021.
According to the EIA report, horizontal length is a key factor in determining well productivity. In the Permian Basin, the average horizontal length of wells increased to more than 10,000 feet in the first nine months of 2022, compared to his under 4,000 feet in 2010.
“It’s an exciting time to be in West Texas,” Halliburton Permian Basin regional vice president Casey Maxwell told Reporter Telegram in an email. “Since 2020, we have seen increased activity, with operators using a new completion technology we pioneered to stimulate multiple wells simultaneously using a single fleet. operators can improve capital efficiency and complete wells faster than ever before, and more operators can reduce emissions and save fuel while maintaining service quality performance. We are choosing an all-electric fleet to
ConocoPhillips Lower 48 executive vice president Jack Harper told investment analysts on the company’s second-quarter earnings call that it will be able to drill 80 three-mile wells in the Permian Basin by the end of the year. Told. 2 years.
“We’re drilling these wells faster[and]employing Simulflac technology in various locations,” Harper told analysts.
Technology is helping Mewbourne Oil improve in every area of its business
“Specifically,” Mewbourne’s president and chief executive officer, Ken Waits, told Reporter-Telegram in an email. to make better wells. “
The technology will also make artificial lifts better and more reliable, allowing companies to keep production online, he continued.
“We also use hardware and software to help us manage production 24/7,” Waits writes. Finally, technology has enabled us to reduce our environmental footprint, reduce methane emissions, use less water and operate safer. “
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