New oil and gas extraction technique saves time and money in the permian

 

An innovative hydraulic fracturing method, identified as "triple-frac," is shifting how oil and gas are extracted from the Permian Basin. This process allows businesses, like Chevron, to frack three wells simultaneously from a single drill pad, increasing from the one-well-at-a-time method or the more recent simul-frac method, which handled two wells. The introduction of this technology improves efficiencies by reducing the completion time by 25% and lowering per-well costs by 12% - a significant shift in the industry. The transition to multi-well pads and the development of advanced hydraulic fracturing are major contributors to a third oil and gas revival in the Permian, thanks to lower costs and optimized yields.