Shell is going back into old, deep wells and using them to drill out horizontally into shallower layers of oil-bearing rock. It is also using water to flood reservoirs once thought to be played out, hoping to flush more crude to the surface.
Shell can also produce oil for $10 to $15 a barrel by reopening old wells and using water and chemicals to flush more fuel out of the ground, Mr. McMahon said. The company is retapping a dozen wells near Mars in the first half of 2017, with another dozen tentatively scheduled for the second half of the year.Other data points:
When Shell initially discovered Mars in 1989, it was the largest find in the U.S. since oil was struck in Alaska’s Prudhoe Bay in the 1960s.But think about that: if an operator can produce oil fro $10 - $15 / bbl in deep-sea drilling, imagine what they can do in the Bakken.
Deep doo-doo: in The Wall Street Journal, Saudi Arabia's oil supremacy falters.
Pricing: under-$50 WTI will be short-lived -- Rigzone staff.
Apple: eagerly awaiting a "refresh" on the Apple page. By the way, it's up. Now to get the real story over on Macrumors. Here it is:
- Apple announces iPhone 7 (PRODUCT)RED Special Edition.
- Apple debuts new 9.7-inch iPad with A9 chip to replace iPad Air starting at $329. One word: wow. Perfect for those on the fence, not knowing whether to buy an iPad. I have to look at the size again -- Sophia is more than ready for an iPad.
Climbing a wall of worry: if one watches the news closely, this is really quite remarkable. So much "scary" news and the market is up about 40 points. Technology stocks are all at record highs. AAPL: up another dollar, now around $142.60. Headwinds:
- market with huge surge in last three months, from 18,000 to 21,000
- one talking head: the world looks like it is getting ready for war
- NOKO releases video taking out US a/c carrier with missile
- Saudi in fight for its life; Iran continues to increase oil production
- Trump has incredibly icy meeting with Germany's Merkel
- Comey hearings
- Fed raised rates last week and is poised to raise rates twice more this year