Wyoming could be on the verge of a significant boom in energy production, with media reports indicating that numerous large projects are currently making their way through the permitting process.
According to the locally published Casper Star-Tribune, the projects currently under consideration would involve the drilling of more than 20,000 new oil and gas wells in the western and central parts of the state. This would increase the total number of wells in Wyoming by more than 50 percent and produce tangible benefits for the state's residents and businesses.
Oil and gas development has already been one of the key forces behind the decline of Wyoming's unemployment rate, which currently sits at 4.9 percent. This is far below the national rate of 7.7 percent. And, the construction of thousands of new wells would bolster economic growth by creating a considerable number of short and long-term jobs, both in the industry and in supporting sectors such as trucking, oilfield equipment maintenance and other services.
In addition, according to Anadarko Petroleum spokesman Brian Cain, the development of the Continental Divide-Creston project would produce as much as $9.3 billion worth of taxes and royalties for the government over the course of the 40 to 50 years of the project's lifespan.
Bruce Hinchey, president of the Petroleum Association of Wisconsin, told the Star-Tribune that he believes pushing forward with the proposed projects is "critical for the state of Wyoming," given the tight public budgets that have persisted in recent years.
"Hopefully things come together where the companies can start drilling again," Hinchey said.
Overcoming technical challenges, ensuring efficiency will be key goals
Obstacles will continue to confront companies operating in Wyoming, even after the new oil and gas projects have been approved by government regulators. In highly competitive environments, efficiency is critical for success, and using the most modern oil production equipment can confer a key advantage on any firm that is under pressure to achieve maximum output in a cost-effective manner.
Installing hydraulic jet pumps can be particularly beneficial, as this solution offers a level of versatility that many others are unable to match. For instance, if a well's casing was improperly completed or has sustained damage during initial pumping operations, this may preclude the effective use of conventional artificial lift equipment. However, a hydraulic jet pump can be used to restore and maintain production from such a well without creating additional issues.