New Wells to Hit Moon and Back



New Wells to Hit Moon and Back
More than 620,000 miles of new oil and gas wells will be drilled over the next 5 years, according Rystad Energy's latest forecasts.

More than 620,000 miles of new oil and gas wells will be drilled over the next five years, according Rystad Energy’s latest forecasts. That’s enough to get to the moon and back with distance to spare.

The energy research company predicts that the number of onshore and offshore oil and gas wells drilled globally will increase to around 65,000 this year. Activity levels are then forecasted to remain around this level through 2023.

“North America will be in a league of its own thanks to the shale boom. Nearly six in ten new wells on the continent will be drilled in shale basins,” Erik Reiso, head of consulting at Rystad Energy, said in a company statement.

“These wells are typically longer than other supply segment wells. This helps explain why shale wells represent around 80 percent of the distance drilled in North America by 2023,” he added.

Reiso also revealed that the top four offshore operators will add a quarter of new offshore wells going forward, whereas the top ten in the onshore market represent around one-third of new wells from 2019 to 2023.

“[This implies] a much more diversified player landscape,” Reiso said.

Earlier this month, Rystad Energy revealed that free cash flow for public exploration and production companies “skyrocketed” last year to almost $300 billion.

“For these players, 2019 could turn out to be another blockbuster year,” Rystad Energy said in a company statement at the time.

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to clients exposed to the energy industry across the globe. The company is headquartered in Norway.



WHAT DO YOU THINK?


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Lawrence  |  May 07, 2019
All true re William's comments. Unfortunately, mankind is beholden to the technologies he's created and most are driven by fossil fueled sources which cannot be stopped overnight or anywhere near that so we continue to pollute.
william  |  May 02, 2019
the global climate scientists have said for several years now ; that burning fossil fuels will / is leading to terrible disasters and poses a real threat to our civilization. Yet more nat gas/ oil wells continue to be drilled and fuels burned leading to more green house gases which cause glaciers to melt; oceans to warm and become more acidic ; forests to die; phytoplankton & zoo plankton to be at risk; all coral reefs to die; all polar bears to die. i guess when enough human primates die or flee north to food/ water. maybe the oil/ gas industry will stop drilling ??