A number of efforts made to improve the country's oilfield production numbers have resulted in increased supplies in New Zealand.
According to an article in Equities.com, the New Zealand Energy Corp. (NZEC) announced a 97 percent increase in its oil reserves estimate. Additionally, the company has raised its natural gas reserves estimate by 172 percent.
These projections were put together in a report released by energy and resource advisory firm AJM Deloitte. The belief is the higher projections are the result of increased production, which may have been spurred by investments into new oilfield equipment.
"Daily production data was used to predict the production profiles and recovery factors," the article says. "NZEC is currently installing artificial lift systems [pump jacks] on all three wells. AJM Deloitte forecasted an increase in production rates under the proved undeveloped case to account for artificial lift. An updated reserve estimate, coinciding with NZEC's financial year-end of December 31, will incorporate data from artificial lift production rates."
So, in order for these impressive numbers to remain consistent, oilfield producers must maintain proper use of all oilfield tools. Artificial lift solutions allow for oilfield workers to speed up their extraction processes, which in turn can produce greater amounts of oil. However, if these projections are based on the predicted positive effects of artificial lift, any improper use of the technology could hinder production and result in less-than-stellar final numbers.
It's important to maximize the potential of any technological purchase. Not only will it help bring actual figures close to the projection, it will provide companies with a stronger return on investment. Working with an oilfield technologies provider can allow companies to acquire the best artificial lift solutions as well as learn the best practices in regards to using it.