RE: Chevron To Buy Hess In $53 Billion Deal As Merger Mania Accelerates24 Oct 2023 10:59
These who give Copl a £4b Valuation (Wow) with 50% Recoverable may wish to read this. It’s not as easy as just drill and it come out. Depends on the Rock. Art the Geologist falls off his chair but buys no more Shares ?
Total hydrocarbon production in the Michigan Basin has surpassed 1 billion barrels (Bbbls) and total unrecovered reserves are estimated at 1--2 BBbls. However, hydrocarbon production in Michigan has fallen from 35 MMbbls/yr in 1979 to about 10 MMbbls/yr in 1996. In an effort to slow this decline, a field demonstration project designed around using a horizontal well to recover bypassed oil was designed and carried out at Crystal Field in Montcalm County, MI. The project had two goals: to test the viability of using horizontal wells to recover bypassed oil from the Dundee Formation, and to characterize additional Dundee reservoirs (29) that are look alikes to the Crystal Field. As much as 85 percent of the oil known to exist in the Dundee Formation in the Michigan Basin remains in the ground as bypassed oil. Early production techniques in the 137 fields were poor, and the Dundee was at risk of being abandoned, leaving millions of barrels of oil behind. Crystal Field in Montcalm County, Michigan is a good example of a worn out field. Crystal Field was once a prolific producer which had been reduced to a handful of wells, the best of which produced only 5 barrels per day. The demonstration well drilled as a result of this project, however, has brought new life to the Crystal Field. Horizontal drilling is one of the most promising technologies available for oil production. The new well was completed successfully in October of 1995 and has been producing 100 barrels of oil per day, 20 times better than the best conventional well in the field.
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