What does Development Well mean?
A well drilled within the proved area of an oil or gas reservoir to extract oil from underground. Once oil is discovered in an oil field and is found commercially viable, a number of wells are drilled in the area and the field is developed to produce oil or gas. These wells are known as development wells.
Futures Knowledge Explains Development Well
In oil and gas industry, there are three types of wells: exploratory wells drilled in new unknown area to find oil, development wells drilled within a proved area of oil reservoir and production wells drilled in an already producing wells to enhance production.