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New drilling technology

Author

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  • Thomas J. Cunningham
  • Whitney Mancuso

Abstract

Economic shocks are not always negative. Indeed, this article suggests that the energy extraction industry is experiencing a positive shock caused by two new technologies - three-dimensional imaging and directional drilling. Combined, these techniques have lowered the net extraction costs of oil and gas. The new technologies are particularly advantageous for the kinds of fields characteristic of the Gulf of Mexico, and the article points to their early application in Louisiana as indicating the type of impacts one might expect as use of the technologies spreads. ; The authors conclude that while the worldwide effects of this technology shock have yet to be felt, particularly its implications for offshore energy development, the impact on costs in fields like those in the gulf is likely to be significant.

Suggested Citation

  • Thomas J. Cunningham & Whitney Mancuso, 1998. "New drilling technology," Economic Review, Federal Reserve Bank of Atlanta, vol. 83(Q 2), pages 30-38.
    • Handle: RePEc:fip:fedaer:y:1998:i:q2:p:30-38:n:v.83no.2
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    File URL: https://www.frbatlanta.org/-/media/documents/research/publications/economic-review/1998/vol83no2_cunningham-mancuso.pdf
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    Keywords

    Louisiana; Petroleum industry and trade;

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