Marginal wells in Okla. key to oil production, says petroleum geologist - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Marginal wells in Okla. key to oil production, says petroleum geologist

Lawton_Oklahoma United States Senator Jim Inhofe (R) and Congressman Dan Boren (D) have introduced a new bill, designed to give tax break and loosen regulations on low producing oil and gas wells.  Oklahoma has more than 65,000 marginal wells that only produce 15 - sometimes less - barrels of oil per day.  Those wells are responsible for 80% of the oil supplied by Oklahoma.  "It really helps the economy in Oklahoma," said Petroleum Geologist David Moore.  "There's probably 30,000-35,000 jobs that are created by these marginal wells that are producing today."

Moore says that the success of the marginal well legislation is important for prolonging the life of small marginal wells.  He says that the longer they stay open, the more oil they produce.  By giving a tax break to marginal producing wells, small oil companies save money, and can, therefore invest more in oil well exploration.  "As far as marginal wells, the average produces 2.2 barrels of oil per day," said Moore.  "A fellow can't go out and drill wells to find a well that will make two barrels a day - it's not economically feasible."

Moore says that whether or not the bill passes will not affect large oil companies.  However, he says the more marginal wells forced to shut down will increase the prices consumers pay at the pump.  Oklahoma State House Speaker Chris Benge, Tulsa Republican, says he plans to pursue energy legislation in 2009 that would include incentives for the use of compressed natural gas cars, and include tax credits to enable filling stations to sell natural gas.  He says he is alarmed by the United States' dependence on foreign oil.

Count on 7News to keep you updated on the proposed legislation.

  • Local NewsNewsMore>>

  • Uber concealed data hack from 2016; 57 million customers affected

    Uber concealed data hack from 2016; 57 million customers affected

    Tuesday, November 21 2017 5:58 PM EST2017-11-21 22:58:57 GMT
    Tuesday, November 21 2017 6:10 PM EST2017-11-21 23:10:56 GMT

    The ride-share company says that users shouldn't be affected, but are reaching out to drivers whose license numbers were stolen.

    The ride-share company says that users shouldn't be affected, but are reaching out to drivers whose license numbers were stolen.

  • FCC chairman sets out to scrap open internet access rules

    FCC chairman sets out to scrap open internet access rules

    Tuesday, November 21 2017 12:11 PM EST2017-11-21 17:11:32 GMT
    Tuesday, November 21 2017 6:14 PM EST2017-11-21 23:14:37 GMT

    Federal Communications Commission Chairman Ajit Pai is following through on his pledge to repeal 2015 regulations designed to ensure that internet service providers treat all online content and apps equally.

    Federal Communications Commission Chairman Ajit Pai is following through on his pledge to repeal 2015 regulations designed to ensure that internet service providers treat all online content and apps equally.

  • Trump, Putin discuss Syria, NKorea, more in hour-plus call

    Trump, Putin discuss Syria, NKorea, more in hour-plus call

    Tuesday, November 21 2017 8:11 AM EST2017-11-21 13:11:14 GMT
    Tuesday, November 21 2017 6:13 PM EST2017-11-21 23:13:53 GMT
    The White House says President Donald Trump plans to speak with Russian President Vladimir Putin on Tuesday.
    The White House says President Donald Trump plans to speak with Russian President Vladimir Putin on Tuesday.
Powered by Frankly