After you hit oil typically after the first year of production what is the rate of decrease of prodution?
replied to: steveg1428
Replied to: After you hit oil typically after the first year of production...
It varies greatly depending on the rock type. For example a sandstone in the Gulf of Mexico will decline by 50% in the first 18 months and maybe only last 7 years in total. But a low volume well in Kansas or oklahome may produce a few barrels a day for 40 years.