Fields of dreams
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#1 Mar 24, 2006
The key here is technology. When the Barnett in northern Tarrant County started up the use of horizontal drilling was still being worked out. Horizontal drilling had been around for a long time prior but was so costly little was done. The same holds true for Hydro Fracs and 3-d seismic.
Now over the last three years advancements in technology and technique have taken the O & G companies in a new direction. The Fed has been funding a Micro drilling program that will change much the O & G business. This will allow exploration of new area that once could not be explored. It will also allow the driller to go back into areas were over drilling in the 20 & 30’s damaged the rock formation and re-work these fields.
As stated in the article there are no new fields in Texas but the old one have lots of oil left. Even now there is a group working on gas hydrates. This is a fascinating area of exploration.
Unfortunately these advancements have come at a cost. Just one of the reasons we are seeing higher energy cost.
Every oil or gas field will hit the bell curve and start to decline in production, but with the technology that is being applied today many of these old declining wells are being rejuvenated.
There are many doomsday fanatics out there and all kinds of nah Sayers. I belief after being on both side of the industry is that as advancements are made in the drilling and exploration of O & G for the foreseeable future we are ok.
Bio fuels and other sources are worthwhile alternatives but until the energy companies themselves start to make it mainstream it going to stay in the background.
#2 Mar 24, 2006
I have to agree that there are no new fields in Texas but a number of the older fields will breathe new life as advancements are made.
My family has been in the Texas drilling business since 1901. We have seen it all; we also new back in 68 that in the mid 80â€™s we were on the down hill side. We all knew that advancements would turn the industry around but those advancements had to be economically sound. As other once third worlds have evolved these advancements are starting to become economically sound.
We will see another energy crises and itâ€™s not going to be like the last two. The up side is that technology is going to allow us more options than we have ever had before. I donâ€™t think crude will ever decline. The Middle East has done very little real exploration in the last 20 years. All the big oil companies are working on alternative fuels and resources but for the next several decades these advancements are still in their infancy.
Well my shift is about to start and the man wants a hole so Iâ€™m off.
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