Shale oil is redefining our domestic oil and gas output potential
Shale oil is a big deal these days. Though shale oil has been documented as a global fuel source back to the late 1400’s, the recent advances in extraction and refining technologies have moved this resource onto the center stage. It is estimated that the US has anywhere from 2.0 – 2.6 trillion barrels of shale oil in reserves, while the entire world is thought to have somewhere north of 3.0 trillion barrels. Obviously, the US has the lion’s share of this valuable resource and much attention is being focused on the extraction and processing activities that are necessary to pull this much oil out of the ground.
The proliferation of affordable well service equipment on today’s domestic market has helped keep the price of working and servicing existing well sites low. This has helped to keep the US competitive and the shale oil flowing rapidly. In fact, the US is rapidly moving toward being an oil exporter, versus the historical position of being an oil importer. Even though current production levels outpace consumption, the US still brings in 30% of its required oil.
Affordable service equipment has helped to keep prices low and shale oil moving
One of the contributing factors to the US’ ability to extract and refine shale oil so effectively is the wealth of oilfield equipment inventory that is currently on the market. Some of these pieces of equipment include:
* Fracking tanks and the trucks that carry fluids to and from the drill sites.
* Drill platforms and entire rigs that can be sold as a unit – great for startup companies or those looking to quickly bring more wells online.
* Drill bits, drill pipe, and any of the down hole drilling components that a drilling crew needs to start a well.
* Mud pumps, compressors, and the hydraulic components that push fracking fluids down a well bore.
With the recent boom in the shale oil industry, domestic companies can take advantage of the surplus of oil field equipment inventory to help reduce costs and facilitate more efficient drilling. One of the reasons why shale oil is so popular these days, as well as so profitable, is the availability of key pieces of equipment through our national network of rental and leasing companies.