The mad science of drilling the earth with Austin Vernon

Patrick McKenzie (patio11) is joined by Austin Vernon, a petroleum engineer, to discuss the technology and economics of fracking. Austin explains the evolution of drilling technology, the financial ecosystem supporting the oil industry – including the unique "doctor and lawyer money" funding model – and the complex interplay of mineral rights laws and state/local politics in the United States. Patrick and Austin also discuss the cross-pollination of technologies between fracking and emerging fields like geothermal energy extraction.–Full transcript available here: www.complexsystemspodcast.com/fracking-austin-vernon/–Sponsors: Check | WorkOSBuilding an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-NetworkCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Austin Vernon's Blog: https://austinvernon.site/–Twitter:@patio11@Vernon3Austin–Timestamps:(00:00) Intro(01:38) Fracking technology and horizontal drilling(05:12) The history and development of fracking techniques(12:26) Communication methods in drilling operations, including mud pulse technology(15:50) The economics of drilling operations(17:28) Scale and cost comparisons between different types of drilling projects(19:30) Safety considerations in onshore vs offshore drilling(20:50) Sponsors: WorkOS | Check(24:04) Discussion of small-scale "mom and pop" oil operations(27:13) The impact of oil drilling  on local economies(31:45) The lifecycle of fracked wells and their long-term production(36:15)  Financing in the oil and gas industry(39:19)  Unique aspects of US mineral rights laws and leasing practices(42:38) The process of setting up and funding new drilling operations(52:55) Environmental concerns and groundwater protection measures in fracking(56:40) The physical footprint of drilling operations(59:12) Learning curves in fracking and geothermal energy extraction(59:56) Diamond drill bits are not quite forever(01:03:59) Where fracking goes from here–Complex Systems is part of the Turpentine podcast network.