It will depend on location (environment issues) and the size of the reservoir, can be from 20 to 40 years now that materials have got better but a lot will depend on costs. read more
Depends on what you mean by "average life." All oil wells produce their greatest flow rate when first drilled or worked-over. A Bakken well's production may decline by more than half in the first year -- this is a much faster drop than conventional oil wells, because shale has very low permeability. read more
Since 1986, demand and oil price have shown close correlation. Today, there are about 600 rigs in the fleet, but the average age of the fleet is over 20 years. Until recently, the industry has not seen much newbuilding. The first half of 1999 demonstrated oil price's impact on demand, where utilization fell by almost 150 rigs, compared to early 1998. read more