Oil well stripper pumps
By Liz Hampton. Yet interviews with executives and experts show those smallest, often family-owned, businesses are also among the most resourceful, keeping the oil flowing even as prices near year lows and a growing number of their wells lose money. The tenacity of the stripper well producers is challenging that view. For example, Nelson Wood who runs Wood Energy, a family business founded by his parents more than 60 years ago, has laid off 14 of his 32 employees and closed 10 of wells in the Illinois Basin, but so far the production is down only 4 percent. He may have to shut more wells, based on electricity, labor, maintenance and salt water disposal costs, but said one key concern was meeting the requirements of oil and gas mineral rights. To be sure, many of these mom-and-pop shops have already cut production to conserve cash and the longer oil prices remain low, the harder it will be for them to keep pumping.
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Plants has permanently closed 10 wells, he says, and plans to plug another 10 by the end of the year. Plants, who operates about wells in Pennsylvania and New York. Plants, and thousands of individual operators like him, could turn out to be a key element in ending the oil-price rout, rather than a large producing country like Saudi Arabia or a big public company. In some states, including Illinois and New York, stripper wells account for all, or most, oil output. With oil prices still near six-year lows, stripper-well operators are facing new pressure to let damaged wells lie dormant, or even shut down production. The U. A loss of stripper-well production would easily be overshadowed by a big pullback from some U.
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CNN -- Hundreds of thousands of small oil wells in the United Sates, called "stripper wells," are being touted as part of the solution to dependency on foreign oil. These wells are scattered throughout the country. Stripper wells are marginal, low-volume wells that produce less than 10 barrels of oil per day. Individual wells can be active for decades, slowly pulling or stripping more oil and gas out of the ground. While 10 barrels a day produced by an individual well may not seem like much, when multiplied by the more than , wells in the United States, they contributed up to 18 percent of America's domestic production in , according to an industry group called the Stripper Well Consortium.
These are the most recently active discussions on our industry-leading technical drilling forum:. Just as with many topics in the oil and gas industry, two people might have slightly different definitions and both be correct. Topics such as water depth cut offs, or ways of measuring reserves come to mind. Since the topic is based on well economics, the answers will be different between operators, or in different countries based on cost structure and feasibility.