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Analytics firm finds Permian basin statistics misleadingOil and gas companies under-reported hydraulic fracturing activity for producing light, tight oil by more than 20% in the Permian basin during 2018, estimates Kayrros, a data analytics company serving energy markets.Paula DittrickJul 23rd, 2019Oil and gas companies under-reported hydraulic fracturing activity for producing light, tight oil by more than 20% in the Permian basin during 2018, estimates Kayrros, a data analytics company serving energy markets.Using optical and synthetic aperture radar imagery tracking coupled with proprietary algorithms to identify rigs and fracturing crews, Kayrros found that more than 1,100 Permian wells were completed but not reported through state commissions or FracFocus, a public repository for information on fracturing chemicals.https://www.ogj.com/drilling-production/production-operations/unconventional-resources/article/14036674/analytics-firm-finds-permian-basin-statistics-misleading
Assuming a cost of $5 million per horizontal completion, 2018 operator expenditure was underestimated by as much as $4.1 billion. This also means the sand and water intensity of Permian tight oil production in 2018 was 23% greater than previously recorded. Sand demand was underestimated by 9.2 billion lb and water by 12.5 billion gal.
That stuff adds up.
Explosion and Fire at Exxon Facility in Baytown, Texas https://t.co/GBfpjFAGrO?amp=1