How can you overcome challenges and seize opportunities in unconventional oil and gas development?

1 Optimize well design and performance

One of the key factors that determine the profitability and sustainability of unconventional oil and gas development is the well design and performance. You need to optimize the wellbore geometry, completion design, stimulation parameters, and artificial lift methods to maximize the recovery and minimize the costs and risks. You can use data-driven approaches, such as machine learning, artificial intelligence, and digital twins, to analyze the reservoir characteristics, production history, and operational data, and to generate optimal well designs and performance predictions. You can also leverage real-time monitoring and control systems, such as smart completions, to adjust the well performance according to the changing reservoir conditions and market signals.

3 Enhance recovery and extend field life

A third challenge that you encounter in unconventional oil and gas development is the enhancement of recovery and extension of field life. You need to overcome the rapid decline rates, low recovery factors, and high heterogeneity of unconventional reservoirs, and to extend the economic viability of the existing wells and fields. You can explore various methods and technologies, such as infill drilling, refracturing, enhanced oil recovery (EOR), and reservoir management, to improve the recovery and extend the field life of unconventional oil and gas development. You can also apply advanced reservoir modeling and simulation tools, such as geomechanics, multiphase flow, and fracture propagation, to understand the complex reservoir behavior and to optimize the recovery and field life strategies.

4 Diversify product portfolio and markets

A fourth challenge that you face in unconventional oil and gas development is the diversification of product portfolio and markets. You need to cope with the volatility and uncertainty of the oil and gas prices, the competition from other energy sources, and the changing demand patterns and preferences of the consumers. You can diversify your product portfolio and markets by developing and producing different types of hydrocarbons, such as natural gas liquids, condensates, and petrochemicals, and by accessing new and emerging markets, such as liquefied natural gas (LNG), hydrogen, and carbon capture and storage (CCS). You can also leverage the flexibility and scalability of unconventional oil and gas development to respond quickly and efficiently to the market signals and opportunities.

5 Collaborate and innovate with stakeholders

A fifth challenge that you encounter in unconventional oil and gas development is the collaboration and innovation with stakeholders. You need to engage and cooperate with various stakeholders, such as regulators, communities, investors, suppliers, and competitors, to address the technical, environmental, and economic challenges and to create value and trust. You can collaborate and innovate with stakeholders by establishing and participating in partnerships, alliances, joint ventures, and consortia, and by sharing data, knowledge, best practices, and technologies. You can also foster a culture of innovation and learning, and invest in research and development, to generate new ideas and solutions for unconventional oil and gas development.

6 Develop skills and competencies

A sixth challenge that you face in unconventional oil and gas development is the development of skills and competencies. You need to acquire and retain the talent and expertise required for the complex and multidisciplinary nature of unconventional oil and gas development. You also need to adapt and update your skills and competencies to the changing technologies, regulations, and markets. You can develop your skills and competencies by pursuing education and training programs, such as courses, workshops, webinars, and certifications, and by joining professional associations, networks, and communities of practice. You can also seek mentoring and coaching opportunities, and participate in knowledge transfer and exchange initiatives, to enhance your skills and competencies for unconventional oil and gas development.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?