Oklahoma Farmout - Horizontal Wells
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FAQ
In 2021, the average oil well produced 26 b/d (or roughly 33.5 BOE/d if including natural gas), and the average natural gas well produced about 181,647 cf/d (slightly more than 33.5 BOE/d of total oil and natural gas).
The Oklahoma Watch study shows that a typical horizontal well's oil production starts out with a bang, averaging 267 barrels a day during the first full month of production. By the 36th month, its oil production will have fallen to about 34 barrels a day, a decline of 87 percent.
The majority of these wells have a production rate ranging between 15 and 100 barrels of oil equivalent per day.
What is the Average Life Span of a Well? he average life span of an oil or natural gas well is 20 to 30 years. However, new technologies are being developed to find ways to extend the life span. The life span of a well is based on the active years the well is in production.
With today's drilling and completion (D&C) costs, $100/bbl prices would allow a horizontal Wolfcamp well to reach discounted payback in just under six months (IRR of 1058%). With prices at $25/bbl, wells would not reach discounted payback for 11.5 years (IRR of 3.57%).
Directional or horizontal drilling allows producers more flexibility and precision in reaching and extracting oil/gas compared to vertical drilling. Horizontal drilling also reduces the ecological footprint of a drilling operation above ground by drilling in several directions from a single well pad.
In 2021, the average oil well produced 26 b/d (or roughly 33.5 BOE/d if including natural gas), and the average natural gas well produced about 181,647 cf/d (slightly more than 33.5 BOE/d of total oil and natural gas).
