Interesting comparisons from Williams:
In 1970 when U.S. oil production peaked an average of 1,028 rigs drilled 28,010 wells to an average depth of 4,943 feet. Of those wells 12,968 were completed as producing oil wells, 4,011 were completed as natural gas wells and 11,031 were dry holes. In 2004 an average of 1,192 rigs drilled 28,019 wells to an average depth of 6,297 feet with 6,641 completed as oil wells, 18,200 as gas wells and 3,178 dry holes. The success rate has improved dramatically in the last 35 years with only 11 percent of the wells drilled failing to be put into production in 2004 compared to 39 percent in 1970. |
