Thousands of undrilled wells across U.S. await fracking until prices improve
Wednesday, April 29, 2015
According to Bloomberg, there are 4,731 drilled wells across several U.S. shale plays that have yet to be turned on. That number of wells equates to 322,000 barrels of crude oil that’s being kept underground while oil prices have been low.
Bloomberg states that the wells waiting to be fracked are called the “fracklog.” Companies are holding off on fracking wells because prices have been low. The fracklog has tripled since last year. More than 80 percent of the fracklog currently consists of oil wells.
Drillers are waiting for better prices and a sign of demand before they begin to frack the wells that are waiting to go into production.
Via: Bloomberg > U.S. Shale Fracklog Triples as Drillers Keep Oil From Market
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