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Category: DrillingTechniques

Hess is Mirroring Toyota Manufacturing Process to Slash Well Costs

April 06, 2015 Posted by Chris Wysong

By deploying lean manufacturing, oil producer Hess has shaved $400,000 off the cost of each North Dakota well in the past eight months. Hess says the technique will allow them to be profitable at $40/bbl for as long as eight years. Hess is Mirroring Toyota Manufacturing Process to Slash Well Costs By: Ernest Schedyer (Reuters) DENVER, April 2 (Reuters) - Oil producer Hess Corp has turned to a manufacturing process developed by automaker Toyota Motor Corp to cut costs and boost production as crude oil prices lag. Deploying a process called Lean manufacturing, and used by only a handful of other oil producers, the move has shaved roughly $400,000 off the cost of each North Dakota well in the past eight months, a savings that comes even as Hess adds more sand and frac stages on each well. It has also sharply cut the time needed to drill a new well. By mirroring Toyota, which pushed its employees relentlessly each day to focus on ways to produce cars cheaply and more efficiently, steps

Posted in DrillingTechniques, Oil
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