Drilling efficiency increases - not!

摘要

The relentless flow of new tools and techniques to improve drilling efficiency is not having the desired effect, according to one operator. The slowing overall rig count growth corresponds with significant drilling and completion efficiencies that are increasingly being realized by E&P operators, especially within the unconventional resource plays that have become the primary growth engine for US natural gas production. This trend, which is reflected in the disproportionate growth in horizontal drilling activity, is likely to persist in 2008 with impressive production growth being achieved with lower drilling and capital intensity, particularly relative to '05-'06 levels."