06:43 Nov 11, 2015
In many cases, high risk wells were drilled for reasons other than an expectation of a huge discover, such as the aforementioned commitments made in bid rounds or acreage acquisitions. There also was an increased appetite for frontier drilling after the 2009downturn. The larger companies all tend to move together and they decided that frontier was the thing. Given the current downturn, companies are expected to return to a more conservative approach. Richmond Energy partners expects a 40% drop in exploration drilling in 2015 and a change in focus toward near field, faster to develop discoveries. |