The World Bank has forecast crude oil prices around $55 per barrel in 2017. Yet there is considerable uncertainty around the outlook. Ongoing negotiations among OPEC producers, and China’s transition from a manufacturing to a service-based economy, will both affect an already volatile market.
So, which companies will be in the best position to not only survive—but thrive—during times of uncertainty? I believe it will be those who understand and implement the latest analyses tools to cut costs and improve efficiency.
The potential for substantially increasing the behind-pipe asset value through refraccing is huge and could change the landscape in the industry on a similar scale to what the shale revolution has done.
There are literally thousands of excellent refrac candidate wells in North America alone and most of them can be refracced economically using available technology and “best practices.” While the “prize” is initially recovering stranded hydrocarbons economically, the “big prize” can be won by establishing a refrac track record in a field where behind pipe reserves can then be booked in addition to the proved producing reserve value.
Wouldn’t it be great if there was a road map to reduce the uncertainty of results from refrac treatments by identifying the key variables that can lead to failure of the treatments?
Now, there is.
My SCA-sanctioned course “Refrac Candidate Selection, Execution, and Performance Evaluation“ (January 26-27 at the Archer Hotel, Austin, TX) lays out the necessary steps to accomplish this goal which can multiply the PV10 value of thousands of currently marginal wells by one to two orders of magnitude.
Upon completion of the two day course attendees can expect to learn:
– Is poor production performance due to the frac or the reservoir?
– What will a well or a lateral produce from the target zone?
– What are the “best practices” for fracs and refracs?
– What information and analyses are required to answer these questions?
I have spent years studying and successfully implementing best practices, and now I’m sharing them with you.