As US shale potentially stares at a production plateau, operators and service providers are turning to smarter tools to extend the life of aging plays.
There has been growing talk this year that the US shale revolution may be losing steam.
In May, executives from Halliburton and Liberty Energy signaled to investors that clients were cutting spending in response to rising capital costs and soft oil prices during the first part of the year. That same month, the CEOs of Diamondback Energy and Occidental Petroleum said that US onshore oil production may already be at or nearing its peak.
Then in early June, the US Energy Information Administration (EIA) echoed these concerns with a forecast that US crude output, now at a record 13.5 million B/D, would slip slightly to 13.3 million B/D by the end of next year.
While the armed conflict between Israel and Iran triggered a quick rebound from below $65/bbl oil prices to above $70/bbl just days later, it followed a cautious tone already set at this year’s Unconventional Resources Technology Conference (URTeC), where executives emphasized the need for more innovation to sustain long-term viability…
