U.S. shale oil producers are returning to existing wells and giving them a second, high-pressure blast to lift output for a fraction of the cost of a finishing a new well.
These "re-fracs" are taking hold as shale oil producers look to take advantage of $100 a barrel crude without making big investments in new wells and fields.
Re-fracing can be something of a booster shot for producers - a quick increase in output for smaller investment than a new well. While some producers have dabbled in re-fracturing wells in the past, the technique is winning broader adoption as technology improves, aging oilfields erode output, and companies try to do more with less.
A re-frac can be up to 40% cheaper than a new well, according to experts. More importantly, it can double or triple oil flows from aging wells, said Garrett Fowler, chief operating officer for ResFrac, which helps producers optimize the technique. His firm has seen about twice as many inquiries related to re-fracs compared to prior years.
U.S. oil production remains about a million barrels per day below the 12.8 million bpd peak in early 2020. Limiting output is the rapid decline rate of shale wells, which can see production fall by 70% in their first nine months. Flat spending could restrain output to current levels.
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