The Resurgence of Refracturing In The Permian Basin!
March 24, 2017
The biggest challenge drillers face when drilling for oil and natural gas is reaching some of the more elusive deposits within the ground. The Permian Basin is a prime example of how it can sometimes be worth trying the use of different techniques, especially when the reward is so sizable. Refracturing has turned out to be the answer needed to tap the enormous wealth in the Basin, much to the benefit of many land and oil rights owners in the region.
This technique has turned an area of drying wells into a source of enormous wealth, once again, allowing for the profitable sale of oil rights for those looking to cash in on their investments.
What Is Refracturing?
Refracturing is the term applied to the process of revisiting previously fractured and drilled wells to fracture them again. It is used as an attempt to re-stimulate more complicated wells, such as those that initially required fracturing or horizontal drilling. Based on the idea that today’s technology can be more effective than methods used in the past, refracturing gives energy companies and holders of oil rights a second chance to extract resources from a previously drilled location.
Why The Sudden Surge In Refracturing?
Although it is not a new process, refracturing has not been used much in the past since many energy companies invested in other more promising ventures rather than do anything with wells that were no longer producing. While this can offer the benefits seen with new wells, it can also be more costly in the long run, something that affects both energy companies and oil rights holders.
On the other hand, refracturing offers a number of benefits including lower operational costs, at least when the process is successful and wells begin to produce again. Since refracturing costs only about half that of drilling a new well, it is definitely a cost-effective method. Refracturing can sometimes be more successful than the original fracturing, considering the many advancements made in this technology over the past decade. This means a greater chance of restimulating older wells and increasing profits for those interested in the sale of oil rights.
Refracturing In the Permian Basin
Based on the results that can be gained using refracturing, the Permian Basin is proving to be a prime area where this technology can produce good results. The method is only used with wells that have under-produced for some known reason, usually ineffective fracturing the first time around. The technology now available offers great improvements in the fracking process, more easily converting these untapped wells into producing ones.
Taking into account what is known about the region and how the many layered oil and gas deposits have finally been accessed, drillers are finding that old wells in the Permian can be successfully refractured using these improved methods.
With the flurry of activity going on in the Permian Basin, oil rights owners can be excited for a number of reasons. There is more of an opportunity to profit through the sale of oil rights and these rights are worth more than they have ever been before thanks to the recent advancements in fracking technology. Improved fracking techniques are finally giving access to the massive deposits held within the Permian Basin shale. It has made refracturing a viable method for reactivating previously drilled wells, reducing extraction costs and increasing values!
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