Latest News

EIA: Oil wells in the Lower 48 US States have more than doubled in the past decade.

The U.S. Energy Information Administration announced on Wednesday that they estimate that the average number oil wells completed within 50 feet from each other simultaneously in the Lower 48 States has more than doubled since the last decade.

The agency stated that the number of wells completed simultaneously per location has increased from 1 1/2 wells per location in December 2014 to over three wells per location in June 2024. This will allow operators to "accelerate production timelines and reduce costs per well."

The EIA defines wells that are drilled within a 50-foot radius of each other as being at the same location.

This increase was attributed to "significant technological advancements in hydraulic fracking operations and equipment capabilities."

EIA analysis shows that the number of simultaneous well completions has increased since 2017.

The EIA stated that although operators had recognized the benefits of finishing multiple wells simultaneously prior to 2017, they initially encountered technical obstacles. The EIA said that these included the requirement for more horsepower to fracture multiple wells at the same time.

The EIA stated that "adoption of electric fleets which provides better power management has played a vital role in increasing the simultaneous completions".

Electric fracking uses electric powered equipment instead of traditional diesel-powered fracking tools.

Fuel delivery trucks are required for traditional well-drilling activities that rely exclusively on diesel pumps.

The EIA stated that the switch to electric frac vehicles helped streamline operations because they used locally available fuels, such as compressed natural gas or field gas, and electricity from the grid. (Reporting by Ishaan Arora in Bengaluru; Editing by David Gregorio)

(source: Reuters)