Well one night in historical terms. Something more like three years is the actual number.
Robert S. Eshelman, Vice News, 8 Septemeber 2014 (hat tip: NC)
Working with the Post Carbon Institute, a sustainability think-tank, [Canadian geologist David] Hughes meticulously analyzed industry data from 65,000 US shale oil and natural gas wells that use the much-ballyhooed extraction method of hydraulic fracturing, colloquially known as fracking. The process involves drilling horizontally as well as vertically, and then pumping a toxic cocktail of pressurized water, sand, and chemicals deep underground in order to break apart the rock formations that hold deposits of oil and gas.
Hughes found that the production rates at these wells decline, on average, 85 percent over three years.
"Typically, in the first year there may be a 70 percent decline," Hughes told VICE News. "Second year, maybe 40 percent; third year, 30 percent. So the decline rate is a hyperbolic curve. But nonetheless, by the time you get to three years, you're talking 80 or 85 percent decline for most of these wells."
Hughes explained that more than 80 percent of the nation's shale oil comes from just two plays, the Bakken field in North Dakota and Montana and the Eagle Ford in Texas. He estimates that production in those regions will recede back to 2012 levels in 2019. Overall production across the nation's shale oil fields will peak in 2017.
In just the Bakken, Hughes calculates that 1,400 new wells are needed per year to offset current production decline, which right now is 45 percent of current production rates of about a million barrels per day, or 450,000 barrels per day each year.
"You need 1,400 $8 million wells to keep production flat, and they're drilling more than that — they're drilling 2,000 wells per year," he explained. "So production in the Bakken will continue to go up. But it's because at the moment they're continuing to drill the sweet spots."
So I think the title of the article shouldn't be that fracking will end, but "Fracking to Become More Expensive Than You Think". And that is even more expensive than where we are at currently with the climb down from the initial Chesapeake Oil driven enthusiastic surge.
Which is pretty much what you would think would happen when your at a production plateau, a plateau that is naturally going to occur when rising costs hit a demand wall: an extended "peak" of sorts.