During the first quarter, Newfield Exploration Co. continued to ply its SCOOP (South Central Oklahoma Oil Province) and STACK (because of stacked pay zones) plays in Oklahoma, where the company is enjoying high rates of return and rapid liquids growth, Newfield COO Gary Packer said Wednesday.
"The SCOOP and STACK plays have certainly received a tremendous amount of attention in recent months [see Shale Daily, April 11].
In fact, there are more than 35 industry rigs running in these plays today...," Packer
said during an earnings conference call.
said company executives often are asked when they are "going to go faster" in the Anadarko.
The answer is that the pace has already quickened substantially and will accelerate further, only thoughtfully.
"Keep in mind, we have moved from one operated rig in 2011, when we drilled our first well in the STACK area, to four operated rigs in 2013, and now we're up to eight operated rigs to date," Packer
"We've doubled our investment in the Anadarko Basin over the last year, and we continue to look for more ways to efficiently move dollars toward the basin.
It's easy to go fast; the challenge is doing it efficiently."
In the SCOOP, Newfield
continues to see strong performance from wells and has six of its operated rigs running in the play.
"Our SCOOP investments are generating the highest returns in the company today," Packer
"We continue to see solid efficiency gains in the SCOOP drilling program.
In our first quarter, our drilling costs per lateral foot decreased 17% when compared to our average of 2013.
has modified casing designs, increased lateral lengths, embraced pad drilling, improved drilling penetration rates and decreased downtime between wells, Packer
"Our 2014 STACK program has several objectives: First, we are drilling to hold acreage," Packer
"This [processing capacity] expansion allowed us to return all of our curtailed wells to full production and tie in recent completions," Packer
A second processing capacity upgrade this September is expected add an additional 80 MMcf/d of capacity.
"During the second half of 2014, we'll be drilling our first operated wells in north SCOOP.
This is about 40,000 net acres that sit north of SCOOP and south of STACK," Packer