Dropping costs in Eagle Ford field

Eagle Ford Shale gives another data point on the shrinking costs of drilling: Anadarko’s Eagle Ford Well Costs Down Below $6 Million.

Post describes Anadarko’s success on reducing costs. Check out the key paragraph:

Anadarko drilled 70 Eagleford wells in the quarter with an average of eight rigs working. Drilling times continue to fall and many of the company’s wells are now drilled in less than 10 days. Completion costs are coming down as well and the company is spending an average of $5.5-6 million per well.

Seventy wells with eight rigs means 8.75 wells per rig in 90 days. That’s an average of 10.3 days per well.

Notice that average cost? Under $6M for an average.

I browsed the Anadarko press release and didn’t find any other comments to mention here.

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