The majority of operators have stated that they are planning to operate within free cash flow to fund their future capital expenditures, which means that the next few years of oil and gas production growth in the US will hinge on the discipline of operators with their capital budgets, says GlobalData.
The company delivered real-time control of fracture placement while pumping on a multi-well pad using its SmartFleet intelligent fracturing system in the Permian Basin, US.
The transaction includes the transfer of approximately 450 000 net acres in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30 000 boe/d from more than 270 wells.
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SmartFleet gives operators real-time fracture control while pumping by integrating subsurface fracture measurements, live 3D visualisation, and real-time fracture commands.
The Ideal electric frac fleet aims to reduce greenhouse gases and make a substantial impact on total cost of ownership for operators.
A Rystad Energy analysis shows that new operations are now set to rise to above 400 wells in July, and recovery will be especially evident in the Permian Basin, where activity has nearly tripled.
The fracture stimulation of the Vali-1 ST1 well, which is to be followed by flow testing, is expected to commence on 12 July 2020.
The shale company has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas.