Research on the tight oil resources development present situation and countermeasures against low oil prices

The tight oil has become the main sources of America’s crude oil output growth. More than 80% production comes from Bakken, Eagle Ford and Permian regions. Tight oil growth has been driven by increasing initial production rates from horizontal wells. Rapid upgrade production of new well is due to fractured horizontal wells bringing fast lifting for tight oil production. America’s tight oil development is in productivity decline because of low oil prices. When oil prices fall to MYM50 per barrel, only around one third of tight oil regions can make profits. Continental tight oil in China has many types with complex geological condition while its development is still at the starting stage as a whole. The development of each tight oil block is difficult to achieve economic benefits under the low oil prices. Countermeasures against low oil prices for oil industry could include technological innovation, costs reduction and policy support. The purpose is striving to achieve technically feasible to economically feasible of the tight oil development in order to get scale effective use of them.