Please explain offset production to me. As I understand it has to do with production levels in nearby oil wells. Someone is telling me the offset production on some acreage is 200,000 barrels per well. Does that mean 200,000 barrels over the lifetim
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Please explain offset production to me. As I understand it has to do with production levels in nearby oil wells. Someone is telling me the offset production on some acreage is 200,000 barrels per well.
Does that mean 200,000 barrels over the lifetime of a well ? What is the average lifetime of a well ?
In Texas, what is the average cost of operating a well per year ? What is the profit margin at today's prices ? Round numbers are fine and thank you
