Oklahoma is quickly becoming a hotbed for domestic oil production and the opening of a new oilfield in the southern part of the state shows that it is still booming.
Earlier this week, the South Central Oklahoma Oil Province – which covers four main counties near the Texas border – launched a new field to take advantage of opportunities for new discovery. There is an oil-rich portion of the Woodford Shale contained in the area, and the opening of a new field allows producers to further drill the valuable resource.
Continental Resources is the company opening the field and Jack Stark, vice president of exploration, told the online publication NewsOK that the area's increasing growth could put it on par with some of the country's most notoriously plentiful sources of oil.
"It's a huge opportunity for the company and another great asset for us because we're looking at an asset with rates of return that compete head-to-head with what we're doing in Bakken in North Dakota and Montana," Stark said. "With that as another opportunity that is widespread and repeatable, it gives us one more avenue of growth that has as much upside potential as we see in the Bakken."
To capitalize on these new operations, oil companies must ensure that they possess the top oilfield equipment. Having quality solutions will build efficiency into extraction efforts, increase production speeds and create a safer, more productive environment. Oklahoma will only be able to maintain its growth if it can take advantage of all its available land and having the right tools will go a long way toward making that happen.
Working with an oilfield technologies provider will allow a company to improve its extraction processes and maximize the potential of a new field.