Drilling Deeper reviewed at Oilprice.com
October 29, 2014
Post Carbon Fellow David Hughes’ new report for PCI Drilling Deeper: A Reality Check on US Government Forecasts For a Lasting Tight Oil and Shale Gas Boom was reviewed at Oilprice.com.
From the article:
Hughes estimates that the average shale oil well declines at a rate of between 60 and 91 percent over three years. Wells in the Bakken decline by 45 percent per year, which stands in stark contrast to the 5 percent annual decline for an average conventional well.
Or put another way, oil and gas companies will have to keep drilling at a feverish pace just to stand still. This means the industry is on a “drilling treadmill” that will be unsustainable over the long-term.