Costs associated with shale oil exploration and production decreased by a third in 2015 thanks to implementation of more effective technologies. Experts are certain that this could affect crude oil prices in the short term. Costs beared by US shale producers shrunk by 25-30% last year in comparison to their decade high in 2012. This is attributed to the usage of advanced technology that improved the effectiveness of both well drilling and post-drilling well development, according to research conducted by the energy industry consultant IHS Global Inc. and commissioned by the Energy Information Administration (EIA). IHS has conducted research in the US’s largest shale oil production regions of Eagle Ford, Bakken, Marcellus and Permian. When compared to figures from 2014, the cost of putting a single oil well online decreased by 7-22% last year. The experts at IHS believe that keeping exploration and production costs lower can have an […]