As activity booms, the industry is investing time and money in innovating solutions for unconventional production. Even as the energy industry continues to report explosive growth of new unconventional oil and gas production activities throughout the U.S., the industry is still experiencing a learning curve as companies seek to better understand the technical challenges involved with operating in such fields. How fast will total production decline over the life of the well? Which artificial lift system is needed at a given time? What is the optimal combination of artificial lift systems to maximize production while lowering lifting cost? As a result, a tremendous amount of effort and money is being pumped into unconventional wells R&D, which includes improving existing techniques for drilling, setting up equipment in the field and pursuing new technology advancements - including artificial lift systems and remote monitoring applications that help operators maximize the performance of new and existing wells. Artificial lift, used in 94% of the roughly 1 million oil-producing wells around the world, helps lift hydrocarbons to the surface in reservoirs with low pressure and improves the efficiency of naturally flowing wells. A vast majority of the new unconventional oil and gas sites are horizontal wells, with most of them requiring some form of artificial lift technology. With operators investing $8 million to $12 million per well, artificial lift and other well optimization applications have become key targets for R&D.
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