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Exxon: New Fracking Technology Can Double Oil Output
The U.S. shale revolution dramatically reshaped the world energy markets. The shale boom was one of the most impressive growth stories, from take off in 2008 to the Permian stealing the mantle from Saudi Arabia’s Ghawar as the world’s highest producing oilfield in a little over a decade. Overall, Reuters has estimated that, “U.S. petroleum production is at least 10-11 million bpd higher than it would have been without horizontal drilling and hydraulic fracturing.’’
Unfortunately, the shale patch has lately been struggling to ramp up production due to a litany of challenges including pressure from investors to boost returns, limited equipment and workers as well as a lack of capital.
But shale giant ExxonMobil is now betting that shale producers can double crude output from their existing wells by employing novel fracking technologies.
“There’s just a lot of oil being left in the ground. Fracking’s been around for a really long time, but the science of fracking is not well understood,” Exxon Chief Executive Officer Darren Woods said Thursday at the Bernstein Strategic Decisions conference. Woods has revealed that Exxon is currently working on two specific areas to improve fracking. First off, the company is trying to frack more precisely along the well so that more oil-soaked rock gets drained. It’s also looking for ways to keep the fracked cracks open longer so as to boost the flow of oil.
Shale Refracs
Luckily, the U.S. Shale Patch won’t have to wait for Exxon to perfect its new fracking technologies. There’s already a proven technology for oil producers to return to existing wells and give them a second, high-pressure blast to increase output for a fraction of the cost of finishing a new well: shale well refracturing.
Refracturing is an operation designed to restimulate a well after an initial period of production, and can restore well productivity to near original or even higher rates of production as well as extend the productive life of a well. Re-fracking can be something of a booster shot for producers–a quick increase in output for a fraction of the cost of developing a new well.
While refracturing has never really gone mainstream, the technique is seeing higher adoption as drilling technology improves, aging oilfields erode output, and companies try to do more with less. According to a report published in the Journal of Petroleum Technology, new research from the Eagle Ford Shale in south Texas shows that refractured wells using liners are even capable of outperforming new wells despite the latter benefiting from more modern completion designs.
JPT also estimates that North Dakota’s Bakken Shale straddles some 400 openhole wells capable of generating an excess of $2 billion if refractured. Mind you, that estimate is derived from oil prices at $60/bbl vs. this year’s average oil price of almost $90/bbl. According to Garrett Fowler, chief operating officer for ResFrac, a refrac can be up to 40% cheaper than a new well and double or triple oil flows from aging wells.
How Refracs Work
Fowler says the most common re-frac method involves placing a steel liner inside the original well bore and then blasting holes through the steel casing to access the reservoir. The process typically uses half as much steel and frac sand than a new well
Refrac makes a lot of sense in the current inflationary environment. Back in April, Texas shale producer Callon Petroleum Company (NYSE: CPE) revealed that frac sand, drill pipe and labor costs have increased drilling and well-completion service costs ~20% Y/Y. Callon and Hess Corp. (NYSE: HES), both of which drill in North Dakota’s Bakken shale, have been forced to hike capital spending budgets over the costs with Callon adding $75 million to its original budget while Hess added $200 million to its spending,
“Techniques like re-fracturing will allow the industry to continue to harvest the oil and gas out of these reservoirs,” said Stephen Ingram, a regional vice president at hydraulic fracturing firm Halliburton Company (NYSE: HAL).
Another key benefit: re-fracs do not require additional state permits or new negotiations with landowners. They are also less disruptive to the environment because well sites already have road access.
“Considering inflation, supply chain issues, and rising wages, now is a great time for operators to start looking at wells for re-frac opportunities,” Matt Johnson, CEO of energy consultancy Primary Vision Network, has told Reuters.
Refracs have also demonstrated higher recovery rates: in URTeC 3724057, Roberta Barba, a longtime completions consultant and CEO of Houston-based Integrated Energy Services, et al. share a case study from the Eagle Ford Shale in south Texas involving five refractured wells. The refractured wells had a combined average post-refrac EUR of 13.2% compared to an initial EUR of 7.4% average by seven new infill wells with modern completion designs.
Robert Barba, a longtime completions consultant and CEO of Houston-based Integrated Energy Services (IES).Estimated ultimate recovery (EUR) refers to potential production expected from an oil well or deposit and is made up of three components: proven reserves; probable reserves; and possible reserves.
The Authors of the paper say that despite the presumed advantages of a modern completion, refracs can increase stimulated reservoir volume “beyond what is achievable in a new completion”. This is attributed to the fact that as the reservoir depletes and pore pressure drops, fractures from a refrac tend to grow into a new direction and tap previously inaccessible portions of rock.
Niche Market
Despite these seemingly clear benefits, it’s surprising that refrac remains a fringe tech in the U.S. Shale Patch. Norwegian energy consultancy Rystad Energy has estimated that out of all the U.S. horizontal well stimulations performed through September, out of the 8,900 total stimulations from January to September, only 200, or a little over 2%, were refractured wells. The vast majority were in the Permian Basin spanning Texas and New Mexico and involved wells drilled before 2018. Rystad estimates that the count will rise to ~400 refracs by year’s end, or a little over 3% of total completions and comparable to last year’s final tally of 409 refracs.
“It’s a very niche market. The companies that are doing it are probably going to continue to do it, but I don’t think refracs are going to explode in numbers next year. I see stable activity that is very similar to this year’s 2–3% of total completions,” Justin Mayorga, a senior analyst of shale research for Rystad, has told the Journal of Petroleum Technology.
Indeed, Rystad says many U.S. shale producers use refracs more to protect the outcomes on new child wells that share the same pad rather than to boost production from older wells. It’s not for lack of opportunity though: in the Permian Basin alone, Alfredo Sanchez, CEO of oil field equipment supplier MorphPackers, estimates that there are tens of thousands of wells that are good candidates for refracking.
Nevertheless, Barba is optimistic that the U.S. Shale Patch will shift toward higher rates of refracturing in the not-too-distant future for one key reason:
“We are seeing higher recovery factors on refracs–cumulative oil plus the estimated ultimate recovery (EUR) of the refrac–than we are in new wells.”
Alex Kimani of OilPrice.com
334 Comments on "Exxon: New Fracking Technology Can Double Oil Output"
eee on Tue, 20th Jun 2023 1:01 am
Hair has no place on an upgrade and improve body. Only animal have hair like human have.
eee on Tue, 20th Jun 2023 1:03 am
The human body is the body of an animal walking on two feet. Human are basically primitive animals and behave like primitive animals.
No hair or body hair on a improve human.
eee on Tue, 20th Jun 2023 1:12 am
Some people think humans look more like insects with their long arms and legs. I could understand why some people say that.
https://www.youtube.com/watch?v=kmVnw_3lauU
eeee on Tue, 20th Jun 2023 1:37 am
Human arms and legs length are longer then the length of the human torso. Exactly like a spider, a spider has long legs and a small body cover with hairs. Satan is a female queen not a male king. Satan is female not male. The bible talk about some insects like the larva.
Earth is just an habitat for insects. This is why GOD does not care much about earth.
eee on Tue, 20th Jun 2023 1:44 am
Globalism and the international law system are similar to communism. Earth operates on the system primitive political system as an ant colony. Earth is an ant colony of insects walking on two legs. An ants colony is ruled by a queen, same as Satan that is the queen that rules over earth.
eeee on Tue, 20th Jun 2023 1:46 am
Brown and black people have the same skin color as insects. A lot of insect are brown or blacks
eee on Tue, 20th Jun 2023 1:49 am
Few insects have a white color. White skin people in that resect are superior to brown people who have the same skin colors as insects.
eee on Tue, 20th Jun 2023 1:52 am
Humans are territorial same as insects. You fight for the control of a piece of land, same as insects. See the war in Ukraine that is typical behavior of insects.
www__annualreviews__org/doi/10.1146/annurev.en.28.010183.000433
eee on Tue, 20th Jun 2023 1:54 am
GOD does not care or like insects. He considers them primitive. This is why GOD will not come to the rescue of earth.
eee on Tue, 20th Jun 2023 1:58 am
Jack Ma of Alibaba has the face of an insect, because he is an insect. Some with the CEO of google and microsoft.
https://www.youtube.com/watch?v=FFtzpR3Z1yc
https://www.youtube.com/watch?v=X7vVP7F3-wM
https://www.youtube.com/watch?v=2SORT6-Fv8s
https://www.youtube.com/watch?v=f3NBQcAqyu4
eee on Tue, 20th Jun 2023 2:03 am
0:39 typical insect hair
https://www.youtube.com/watch?v=1yKay8HDjPU
eee on Tue, 20th Jun 2023 2:14 am
Whites are also insects but a slight better improver version over the negro, Indian, Asian and Latino. Mixed racing has destroyed the improvement done with the White race and lower the IQ of the whole planet. Ask the french from France that were pushing mixed racial babies. Another negro insect.
https://www.youtube.com/watch?v=RuLjy5KwL7k
Black same color as most insects.
eee on Tue, 20th Jun 2023 2:17 am
0:48 same face as an insect.
https://www.youtube.com/watch?v=CDzoF8M0wK4
eee on Tue, 20th Jun 2023 2:19 am
All Asians have facial feature of insect with their narrow eyes.
eee on Tue, 20th Jun 2023 2:22 am
All these comments are probably not coming from me. I am acting as a conduit for GOD.
eee on Tue, 20th Jun 2023 2:29 am
Another one that has the face of an insect
https://www.youtube.com/watch?v=uwOfrpCOg88
eee on Tue, 20th Jun 2023 4:27 am
I am really surprised we are not dead yet. I am fed up to be used as an antenna for beings outside of earth reality. I am fed up that these beings see everything I see, hear everything I said, and hear everything I hear. I am fed up that they used some of the stuff that is happening to me to put in some video.
I did not sign up for this.
eee on Tue, 20th Jun 2023 4:43 am
It never occurs to any you that there is no immigration crisis from GOD point of view. GOD is sending all the souls that he hates in a flesh body to execute them when earth will be destroyed. The immigration cris that we see is GOD filling up earth with souls that he hates before the world supply chain collapse.
eee on Tue, 20th Jun 2023 4:48 am
Earth is obviously not designed to be a creation reality. Earth to me is designed as a torture chamber and a execution chamber. The body is designed as a energy drain to kill your soul forever. Your soul is used as energy to power the chemicals reaction taking place inside your body, thus draining your souls of energy or life if you will. GOD is filling up earth with souls that he hates.
eee on Tue, 20th Jun 2023 4:51 am
The quality of people living on earth is really. Earth is mainly populated of amoral, greedy, narcissist, stupid people that GOD wants out of his life. He created the flesh body to kill your soul for good. Very few quality and exceptional people of this earth.
If COVID and the war in Ukraine have been created by the people of earth, it makes a liar. GOD hates liars
eee on Tue, 20th Jun 2023 4:54 am
The quality of people living on earth is really low. Earth is mainly populated of amoral, greedy, narcissist, stupid people that GOD wants out of his life. He created the flesh body to kill your soul for good. Very few quality and exceptional people on this earth.
If COVID and the war in Ukraine have been created by the people of earth or outside of earth, it makes you liar and GOD will punish you and mostly kill you for that. GOD hates liars
eee on Tue, 20th Jun 2023 4:56 am
The quality of people living on earth is really low. Earth is mainly populated of amoral, greedy, narcissist, stupid people that GOD wants out of his life. He created the flesh body to kill your soul for good. Very few quality and exceptional people on this earth.
If COVID and the war in Ukraine have been created by the people of earth or outside of earth, it makes you liar and GOD will punish you and mostly kill you for that. GOD hates liars. GOD said in the bible that they only speaks the language of lies. Maybe this is one of the reason you are on earth, it is because you are a liar. COVID and the war in Ukraine are big lies. GOD will make you pay for that.
eee on Tue, 20th Jun 2023 4:59 am
Thing like you fake submarine at the bottom of the sea where people are dead are lies. GOD hates liars. This below is a lie and GOD knows it as much as I know it.
https://www.youtube.com/watch?v=93Q1hnItUyM
eee on Tue, 20th Jun 2023 5:01 am
You are not going to fuck GOD with your bullshit lies like COVID, fake Ukraine war, fake actor playing the roles of politicians. This is why you are here, because you are liars.
eee on Tue, 20th Jun 2023 5:06 am
GOD said in the bible something like, they only speak the language of the lies. Still pushing your fake Ukraine war, still pushing all kind of lies using the news media.
eee on Tue, 20th Jun 2023 5:17 am
The fake theater that you are creating like COVID, Ukraine war is considered lies by GOD. You know that right. Lying about the real state of the world economy, producing fake economical statistics are also considered lies by GOD. You get that right.
eee on Tue, 20th Jun 2023 5:19 am
Creating false religion to enslave and manipulate people are also considered lies by GOD. You get that right.
https://www.youtube.com/watch?v=CWhkAPjVbWY
eee on Tue, 20th Jun 2023 5:23 am
I really doubt that GOD would go to all this trouble to create fake lies like COVID and the war in Ukraine when he has total control of the matrix of solid of the planet earth. These scams are coming from you. This is why you are here to die.
eee on Tue, 20th Jun 2023 5:28 am
That you lie to me about your real intentions and left me without no real informations that I can validate are also lies. You get that also right.
eee on Tue, 20th Jun 2023 5:30 am
That you have created the NASA and fake planets are also lies, you get that right. That you create the fake theory of evolution and push it on the public are also lies. You get that, right.
ANAL PROLAPSE CAPTURE SHOCK supremacist muzzie On This Day... Jun 20, 2013: Belgium Brussels 0 0 A suicide nail bomber attempts to aerate passengers at a train station on Tue, 20th Jun 2023 8:24 am
perhaps elite master race chink supertards wont be able to save us from supremacist muzzies
supertards please change ur undies after 5 weeks
please feel at ease among friends we’re all lovers of supremacist muzzies here
ANAL PROLAPSE CAPTURE SHOCK July is Thank UPPERtard Month for Supporting Free Speech on Tue, 20th Jun 2023 10:18 am
supremacist muzzie Ramadan Bombathon 2023 Final Score Attacks 145 Kills 741
perhaps elite master race chink supertards wont be able to save us from supremacist muzzies
supertards please change ur undies after 5 weeks
please feel at ease among friends we’re all lovers of supremacist muzzies here
eee on Tue, 20th Jun 2023 12:13 pm
I am really starting to dislike Europe and UK even more. I am starting to dislike Europe and UK even more then Israel if that is possible.
eeee on Tue, 20th Jun 2023 12:21 pm
Europe really behave like an ant colony with a Queen female at the top of the power structure. Ursula fucking female queen bitch.
https://www.youtube.com/watch?v=uNMzwo37qMk
eee on Tue, 20th Jun 2023 12:27 pm
I see that the insects of earth are still lying and think that they will be forgotten for that. Could have told the true instead of starting COVID and Ukraine war scam because you have no courage or conviction
eee on Tue, 20th Jun 2023 12:37 pm
When I look at Meloni from Italy, I think stinky smelly vagina infected with yeast. I am pretty sure the bitch stink.
eee on Tue, 20th Jun 2023 12:43 pm
Une stratégie européenne pour la sécurité économique
https://www.youtube.com/watch?v=9B7H9xGRR2I
Does Europe strategies include how to steal natural ressources from other nations using globalism, monetary policies and international trade law system.
ANAL PROLAPSE CAPTURE SHOCK supremacist muzzie Ramadan Bombathon 2023 Final Score Attacks 145 Kills 741 on Tue, 20th Jun 2023 1:10 pm
perhaps elite master race chink supertards wont be able to save us from supremacist muzzies
supertards please change ur undies after 5 weeks
please feel at ease among friends we’re all lovers of supremacist muzzies here
eee on Tue, 20th Jun 2023 1:10 pm
Une stratégie européenne pour la sécurité économique
https://www.youtube.com/watch?v=9B7H9xGRR2I
Does Europe strategies include how to steal natural ressources from other nations using globalism, monetary policies and international trade law system.
Ursula the queen bee should ask advice from France on how to steal natural resources from Africa.
Ursula the queen bee should ask advice from the US, Israel, Kissinger, how to steal natural resources using the monetary system and media news network like CNN. I love that CNN Indonesia, just because they have a lot of natural resources but no CNN Malaysia.
ANAL PROLAPSE CAPTURE SHOCK supremacist muzzie On This Day... Jun 20, 2018: Lipandacua, Mozambique A sleeping child is among those hacked to death: 5 Killed on Tue, 20th Jun 2023 1:11 pm
perhaps elite master race chink supertards wont be able to save us from supremacist muzzies
supertards please change ur undies after 5 weeks
please feel at ease among friends we’re all lovers of supremacist muzzies here
eee on Tue, 20th Jun 2023 1:12 pm
This is why you are on earth for execution. because you can only lie and steal. See above. You are unfit to access heaven you would cause too much damage. This is why you have been kicked out of heaven to never go back.
Анальный пролапс захват шока превосходство Muzzie Ramadan Bombathon 2023 Окончательный результат атаки 145 убийств 741 on Tue, 20th Jun 2023 1:16 pm
Возможно, элитные мастер -гонки Supertards не смогут спасти нас от Supremocist Muzzies
Супертары, пожалуйста, измените свои трусы через 5 недель
Пожалуйста, почувствуйте себя спокойно среди друзей, мы все любители Supremost Muzzies ЗДЕСЬ
eee on Tue, 20th Jun 2023 1:17 pm
I bought three of theses welding torches from China. This is totally a Chinese design as far as I can tell. The US is such a loser nation that it cannot build a simple high quality low cost welding torch. I was impress how good the valves were done and how precise they control the gas flow.
https://www.aliexpress.com/item/1005004194065731.html?spm=a2g0o.productlist.main.1.1a7bd29cEtG1iP&algo_pvid=a2e4bb4c-659a-4732-8c89-940dacbd36d1&algo_exp_id=a2e4bb4c-659a-4732-8c89-940dacbd36d1-0&pdp_npi=3%40dis%21CAD%2174.68%2144.81%21%21%21%21%21%40211bf49716872849713403140d07c1%2112000028338897616%21sea%21CA%213058047761&curPageLogUid=plEglvqClhxG
eee on Tue, 20th Jun 2023 1:30 pm
Now that I position myself a someone of right politically, watch the elites of Europe start fake elections to install right politician through the whole Europe as a means to manipulate me by saying, Europe also think like you the fat Quebec, this is why Europe and UK turned right. Watch these pieces of shit from Europe to use all kinds of manipulation and lies to make themselves appealing to me and the right.
https://www.youtube.com/watch?v=e-fkkQvl1CY
eee on Tue, 20th Jun 2023 1:33 pm
SCANDINAVIAN SKI RESORTS SAVE RECORD PILES OF SNOW; AUSTRALIA’S COLD FRONT INTENSIFIES, DROPS A FOOT OF SNOW; RARE JUNE FLAKES CLIP STEVENS PASS, RECORD COLD YAKIMA; + IRISH GREEN PARTY SEEKS TO RESTRICT FREE SPEECH “FOR THE COMMON GOOD”
https://electroverse.info/scandinavian-record-snow-australias-cold-front-june-flakes-stevens-pass-record-cold-yakima-irish-green-party-censorship/
All the population of earth will die, there is nothing you can do to save your souls.
eee on Tue, 20th Jun 2023 1:59 pm
This is way bigger then most people think. They are a lot of actor involve in and out of earth. I cannot identify these actors, but GOD there are a lot people interested in earth.
Анальный вылапс захват шокированного превосходства в этот день ... 20 июня 2018 года: Липандакуа, Мозамбик on Tue, 20th Jun 2023 3:04 pm
Спящий ребенок среди тех, кто взломан до смерти: 5 убитых
Возможно, элитные мастер -гонки Supertards не смогут спасти нас от Supremocist Muzzies
Супертары, пожалуйста, измените свои трусы через 5 недель
Пожалуйста, почувствуйте себя спокойно среди друзей, мы все любители Supremost Muzzies ЗДЕСЬ
eee on Tue, 20th Jun 2023 3:10 pm
Manipulating the US 10 years treasuries yield downward again. 3.8 seems the maximum they will tolerate.
(3.822-3,721)/3.822*100=2,64% down in one day
You are afraid to die fucking pieces of shit.
eee on Tue, 20th Jun 2023 3:12 pm
Manipulating the US 10 years treasuries yield downward again. 3.8 seems the maximum they will tolerate.
(3.822-3,721)/3.822*100=2,64% down in one day
You are afraid to die fucking pieces of shit.
2,64% downward in one day is a big move. Totally manipulated by the federal reserve
eee on Tue, 20th Jun 2023 3:16 pm
Manipulating the US 10 years treasuries yield downward again. 3.8 seems the maximum they will tolerate.
(3.822-3,721)/3.822*100=2,64% down in one day
You are afraid to die fucking pieces of shit.
2,64% downward in one day is a big move. Totally manipulated by the federal reserve. You blow up upward the debt exponential. You have no natural ressources to rebuild a new civilisation. Once the supply chain collapses, the electrical grid will go down and you will not be able to set up your control grid over the world. Once the supply chain stop, you will not be able to restart it.