FuelFix | David Hunn
The technological shift to high-efficiency oil and gas drilling is the single biggest change in production since oil prices crashed, the chief executive of an industry analytics company said this week.
Allen Gilmer, chairman of DrillingInfo, says the best oil and gas operators are getting as much as 50 percent higher returns compared with the average producer, and two to three times the production of the least-efficient operators. Before the crash, with oil at $100 a barrel, companies were made or broken by their access to cheap cash, Gilmer said in an interview at this week’s North American Prospect Expo, now called NAPE. Now with oil priced at about $40, the difference between success and failure isn’t inexpensive loan rates, he said: “It’s really how efficiently you can extract the hydrocarbons.”
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