BAKKEN RESTART: Back to Basics with Idle Wells

摘要

Since the coronavirus pandemic shut the U.S. economy, oil and natural gas field activity slowed perceptively with idle wells outnumbering new wells being drilled. Prices and production plummeted. In California, state officials in early September said in the first half of 2020 well abandonments were twice the number of new wells. In the first half of this year, California's largest producer, California Resources Corp. (CRC), saw both the number of drilled wells and overall production decrease. An independent former part of Occidental Petroleum Corp., until a spinoff six years ago, CRC accumulated a growing backlog of drilling permits in the first half of 2020, nearly six times as many as during the same period in 2019. There were 73 wells drilled the first six months this year, compared to 99 for the same period last year.