Featured in Oil and Gas Investor's "Building a Bigger Bakken" article, Hess highlights improving cycle times and use of innovative technology to spend less and produce more.
Hess’ presence in the Bakken is massive. The company holds about 550,000 acres with 2,700 well locations economic at $60 West Texas Intermediate (WTI). “We’ve got a lot of running room,” Biggs said.
Hess is also turning toward refinement in its operations while also exploring ways to innovate through completion techniques, technology trials, fiber optics and fiber coil. The company’s most recent, significant move has been transitioning to plug-and-perf completions after being one of the last hold-outs of sliding sleeves, Biggs said.
“We did a big study last year that looked at the incremental profitability coming from moving to a plug-and-perf,” he said. “That’s resulted in us now saying we should hit 200,000 barrels [of oil equivalent] a day by 2021.
The company sees automation, analytics and well design as areas in which it can make breakthrough reductions in drilling costs.