Insight
2024 tight oil costs: the push and pull between efficiency and OFS rates
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Report summary
Well costs are expected to decline 10% in 2024 and 1% in 2025 after peaking in 2023. Declining prices for OCTG, proppant and diesel, along with substantial drilling and completion efficiency gains, are pushing costs lower. However, continued cost reduction must come from additional efficiency improvements as OFS pricing is unlikely to fall much more.
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