In numerous shale areas, there are often predictions on how long they will last. The Marcellus Shale is no different, and many have predicted that this shale formation will last 2-3 years. Recently, others a having a different opinion. Addison Wiggin explains how new opinions are coming to light.
After five years? Many operators will go back and refrack the wells. Those five-year wells might become 10-year wells. Or 15.
“We’ll look back on 2012,” Byron King goes on, “as the best year for the energy business in Pennsylvania since Col. Drake drilled his first well before the Civil War.”
Full disclosure: We’re still skeptical about some of the big claims Byron makes. Can a domestic energy boom really overcome decades of debt racked up at the local, state and federal levels? As with any functioning relationship, we keep an open mind…
…Let’s examine the numbers:
- U.S. energy self-sufficiency bottomed in 2005 at 70%. Now it’s 81%
- Domestic crude production reached 5.7 million barrels a day last year — the highest since 2003
- Natural gas output grew 10.9% between 2007-10.
Seems like new wells and reworked wells are going to be continued. 2-3 years has recently turned into 10-15 years. You have to remember, you can’t always tell what the oil status is from the surface.
Quotes taken from report by Addison Wiggin, Read the entire article here.
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