Of course the amounts will be somewhat less than that due to all 240,000 capped wells will not come back online at the same time, many of them are down a day or two a month for maintenance, etc.
Still, it is a significant number both for actual supply and for psychological value.
Thus, a 10 bbl/day may still not be economical, and a 1 bbl may have become so. The number of "stripper wells" can be looked up, but IIRC it has been in the hundreds of thousands. The 240K figure, is probably someone's account of the difference of how many producing at that level at some past time, and today.
Also, some have gone completely dry -- that's why production stopped.
IN short, the price will do a fine job of reopening the ones that are economical, but don't expect a huge gusher from it -- look at the total national figures -- production has picked up a couple of hundred thousand bbls /day, I think.
Google "monthly energy review" + petroleum
Makes sense to me.
It’s unlikely that anyone is plugging a well producing 10 barrels of oil a day in today’s price environment.
However, re-entering a well which MIGHT be capable of producing that much is going to cost probably around $300,000. Of course, you’re going to have to pay a royalty percentage to the landowner for every barrel you produce, plus pay severance, ad valorem, and income tax for every barrel.
Then you’re going have to pay a fee to someone to pick up those barrels and take them to a refinery. That’s after you pay to install tanks near the wellhead to store the oil that is produced because trucks won’t be lining up every minute to pick up the next quart of crude you bring to the surface.