The Barnett-Woodford field has been identified as one of the most important oil targets in the Midland Basin of the United States, with an estimated recoverable reserve of approximately 3 billion barrels of oil. This field includes over 6,400 drilling locations and has recently attracted the attention of analysts and investors in the oil industry.
Capacity and Potential of the Barnett-Woodford Field
Recent research indicates that the Barnett-Woodford field is the largest undeveloped oil resource among various groups in the Midland Basin. Estimates suggest that this resource accounts for about 75 percent of the remaining oil resources in the Middle Bakken and Three Forks formations in the Williston Basin of the United States.
The development of the Barnett-Woodford field is rapidly progressing, as initial drilling results have supported broader development plans. According to reports, this field has significantly lagged behind development and investment plans over the past 18 months.
Performance and Drilling Costs
The performance of Barnett-Woodford wells has been over 30 percent better than the average performance of wells in the Midland Basin. With drilling costs of $800 per foot, estimates indicate that equivalent prices for profitability are around $41 per barrel, which generally aligns with recent averages in the Midland and Delaware Basins.
Steven Sagri, EIR director and author of this report, stated: "The Barnett-Woodford field is rapidly transforming from an undeveloped group to a primary source for increasing oil inventory in the Midland Basin. With over 6,400 identified drilling locations and well economics that are increasingly competitive with existing Midland targets, this field represents the largest oil development opportunity in the southern states of the United States."
Research shows that after adjusting for development maturity, wells in each section and timing, the counties of Ector, Crane, and Northwest Upton have been identified as the best areas in this field. Recent wells in these areas have recorded average equivalent prices of $42 per barrel.
Additionally, the counties of Andrews in the southeast, Martin in the southwest, and Midland in the west have recorded average equivalent prices of $46 per barrel for recent wells, respectively. This analysis is part of a series of EIR research examining drilling inventory, economics, and development trends in major oil and gas basins in North America.
