• 2016 Marginal Well Report

2016 Marginal Well Report

$0.00

Description

The IOGCC champions the preservation of this country’s low-volume, marginally economic wells. The IOGCC recognizes that it goes to the heart of conservation values to do all that is possible to productively recover the scarce oil and natural gas resources marginal wells produce.

The IOGCC has released the 2016 Marginal Well Report that documents marginal well
activity and the economic contribution of marginal production in the United States

The reemergence of domestic oil and gas production in the U.S. the past decade has been remarkable with estimates that suggest that U.S. natural gas production increased 52 percent during its recent surge from 2005 to 2015, while oil production increased 88 percent between 2008 and 2015. Nineteen of the 33 natural gas producing states posted increased production in the surge period, while 21 of the 32 oil producing states posted output gains. These production gains have fueled reduced imports and increased exports of petroleum products along with growing domestic use of natural gas and a burgeoning natural gas export industry.

Despite the resurgence in domestic oil and natural gas production and sharply lower prices for oil and natural gas in recent years, the critical role played by marginal wells in U.S. energy production remains intact. Currently, an estimated 777,000 marginally-producing wells – more than 396,000 oil wells and nearly 381,000 natural gas wells – serve a strategic role within the U.S. energy production framework.