Energy is a key factor in today’s global economy. Players in the energy sector have always strived to provide the world with affordable, effective and efficient energy. As a result, there are many different energy exploration factors to consider as far as energy provision is concerned. In recent years, re-entering and reworking previously proven oil wells have become increasingly common. This trend is occasioned by a number of factors, all of which are unique to the actual company or player that engages in re-entering or reworking previously proven oil wells.
Previously proven oil wells play an important role in determining new oil exploration prospects. When an oil firm re-enters or reworks previously proven oil wells, it raises its ability to handle high profile projects locally, regionally and internationally. For example, Cunningham Energy builds its expertise and success in oil exploration on re-entering and reworking previously proven oil wells. In doing so, the company not only expands its experience in oil exploration, but also enhances its success in new and unexplored wells.
Economically, previously proven wells are regarded nonviable. In other words, profitability is less likely when a company undertakes the move to re-enter previously drilled wells. For Cunningham Energy, however, this is not the case. The company uses previously proven wells as training grounds for its high-tech workforce. Over and above the training factor, the company conducts a series of tests that often prove viability even after an oil well has been proven at a prior time.
In the contemporary energy industry, technology plays a central role. Technological developments have allowed oil explorers to re-enter and re-work previously proven wells. In the case of Cunningham Energy, for example, more effective and efficient drilling has proven previously explored oil wells feasible to re-enter or rework. Feasibility tests, impact assessment and environmental evaluation tools are readily available to the company whenever a previously proven oil well captures the attention of the company.
From the above discussion, it is evident that each player in the oil industry perceives previously proven oil wells differently. Even though a previously proven oil well could be ruled economically nonviable, operators in the sector are finding new ways to re-evaluate former explorations and subsequently identify economic opportunities that prompt re-entry or reworking of such oil wells. In this respect, drilling previously explored oil wells remains relevant and consistent with the current developments in the global oil industry.