OPEC has completely misjudged the North American shale industry and seems not to understand how it is still evolving rapidly. It's a little like trying to explain the internet to my 85-year-old mother, or my 12-year-old daughter trying to explain social media to me. As consultant Morten Frisch tells me, drilling horizontal sidetracks from abandoned wells in the Permian Basin is yielding a 91 percent internal rate of return on a $7 million investment and delivering 1,500 barrels a day of crude. He predicts large production increases from vertical wells in previously produced areas in the Permian.
/opec-looks-totally-bewildered-by-the-oil-market
Blog Smith is inspired by the myth of Hephaestus in the creation of blacksmith-like, forged materials: ideas. This blog analyzes topics that interest me: IT, politics, technology, history, education, music, and the history of religions.