There is a lot of changes in drilling for oil & gas over the past few years that make well count, rig count alone difficult as predictions of the future.
In addition to increased productivity per well, we have far greater cost, much more footage drilled per well, more acreage coverage per well and steeper decline rates per well.
The same source (EIA) has started producing a Drilling Productivity Report.
http://www.eia.gov/petroleum/drilling/pdf/dpr-full.pdf
The attached charts not only show a greater initial production rate for the new tight formations like shale, they also show the drop off rate is growing faster as more horizontal tight-formation wells make up a higher percentage of our total number of producing wells.
No doubt the industry is changing. It dang sure has gotten busy in the US. Trying to find additional staff in these fields is still climbing in cost.
No doubt the industry is changing. It dang sure has gotten busy in the US.
....................
agree
Trying to find additional staff in these fields is still climbing in cost.
..........
judging by the hints you see about underground peering technology and the software that makes sense of the stuff—combined with the collapsing failure rate....I’m inclined to think the cost of finding new oil is falling. However, finding staff would be a problem. I’d love to do the work myself but I turned 60 this year and have no background in the field. About the best I can say is that I do have a pulse. I’m surprised the drillers just don’t go to Texas A&M and just hire any the students there as don’t care to study for roughneck work—and then just corral entire graduating classes.