Further optimization could lead to better frack designs, stage and well spacing, greater production and ultimately, more profit.
A new resource assessment gives this unconventional play world-class status.
The company is counting on growing “premium inventory”—wells that generate rates of return of at least 30% at $40/bbl oil— to increase resource potential.
Enhanced completions onshore and subsea tiebacks offshore are contributing to production gains, but low commodity prices are taking away profit potential.
The technology uses an industry standard downhole data logger to collect data from which measurements are made and fracture locations pinpointed.
All stages were successfully stimulated with acid, with clear pressure indications of packers setting, balls landing and sleeves shifting, the release said.
WPX Energy, which entered the Permian Basin in 2015 with its $2.3 billion-plus acquisition of RKI Exploration, is bullish on the sub-basin. The company is among those focusing on the the Upper and Lower Wolfcamp A, both of which are proven productive.
The sub-basin was heralded during the DUG Permian Basin conference as one of the industry’s bright spots as companies continued to cope with the cyclical ups and downs of life in the oil patch.
Meanwhile, a blanket of homogeneity overlies Appalachia completion techniques. The only exception regionally involves some of the hotter, deeper Utica wells, according to Hart Energy's Heard In The Field report.
Panelists at Hart Energy's DUG Permian conference said sand, spacing and slickwater have played key roles in the multistage fracturing process that contributed to the Permian Basin becoming today’s largest oil-producing region in the U.S.
The EPA’s efforts to address climate change include a goal of cutting 2012 methane emissions by up to 45% in less than a decade.
As the company awaits market rebalancing, it is pursuing EOR technology and improving completion designs to enhance efficiency and production.