Absolutely, the industry is reducing the risk in drilling through better siesmic, particular because of 3-D. They can go back into older fields and tap more of the reserve than say 10 -15 years ago, Then you employ other things like MWD (Measure while drilling) and horizontal drilling to effectively produce more from the well. However, it's not 100%. It has increased success by at least 20% over say 10 years ago.
With anything in the industry, it can be better or not as good. It could be 10,000 barrel oil per day wells or 500 bopd. That is an important factor that isn't realized nor discussed. If you are drilling well after well of 500 bopd, then the cost becomes higher in achieving a daily production rate. The reverse is true of 10,000 bopd wells. If you are looking for, say 100,000 bopd production, do the math.
That is were 3-D and horizontal come to play. You can increase that 500 bopd by better defining the formation and better tapping those reserves. But with all things in the industry, the more you do, the more it cost to do it. 3-D is more expensive, horizontal is more expensive and drilling more low flow rates is more expensive. |
