Using new technology for fracking and producing and lifting oil, old oil fields in California and elsewhere are being redrilled, reworked and rejuvenated. Production at some old conventional oil fields that peaked decades ago is now going back up.
Stripper oil well production and oil production from decades-old conventional oil fields has been falling for decades. Now, using new technology, Old stripper wells, that used to produce 3-4 bbls of oil per day, can now be made to produce ca. 100 bbls of oil per day. Even stripper wells that were abandoned are now being reworked and returned to oil production.
This might not sound important, but the US has 420,000 stripper wells, accounting for ca. 10% of total US oil production.
Look for oil production from US stripper wells and old conventional fields to start increasing now.
Oh....and this is reworking of old and even abandoned stripper wells and old oil fields is profitable at ca. $10-$30 bbl oil.
old-oil-is-new-again
Cheers!
There's oil in them thar old stripper wells