Nicholas G. Olds
xecutive Vice President of Lower 48 Philip Gresh at ConocoPhillips
Thanks, Ryan. Yes, in our asset teams, as Ryan mentioned, are very focused on optimizing the recovery of our wells and our development projects across all of Lower 48 assets. I think it's important, too, is we seek to maximize recovery but also driving improvement in capital, and that's part of our returns-focused strategy and the cost supply framework that we judge every decision against. We look at kind of improving recovery across kind of three primary buckets, so I'll take you through that, what we're looking at what we're deploying within our assets.
So first, we look at development decisions, we used our first bucket. Secondly, is how do we optimize the reservoir, that's our second bucket. And then the third one is really, when we look at enhanced oil recovery, but that's more longer term. Now, then one of the things that we obviously have within the Permian, and we mentioned this at the Analyst Investor Day, is that we have two decades of inventory within the Permian at current rig activities level. So we have a lot of focus on development decisions and the reservoir optimization to improve recovery. A couple of things.
Well, lateral length is critical. We speak to about the inventory length, more you can go from a one lateral to a two to a three-mile lateral. You increase the recovery per well. And as we've mentioned before, you go from a one to three, we improve our cost of supply, which drives capital efficiency by 30% to 40%. So we're doing that. As a reminder, we've got 80% of our Permian well inventory is 1.5 miles or greater, and 60% is two miles or greater, and we're continuing to execute three-mile laterals year-to-year growth on those as well. On the well completion side, again, this still sits in that development decision bucket.
We're doing some interesting work in the Bakken, as an example, using multi-varied analysis where we optimize completion design to maximize both recovery and capital efficiency and seeing recent completion results that are very favorable in that space. And then the kind of the last item I'll address on the development decision is around spacing and stacking. One thing that we do out in the Midland Basin that you've heard here recently is co-development. Co-development allows us to minimize the parent-child impacts, while improving recovery as well as capital efficiency. And we've demonstrated over the last four years, both in the Midland Basin, as well as the Delaware Basin around improved performance there.
On the second component that we're focusing in, on reservoir optimization, I'll draw you to -- your attention to Eagle Ford. We're using kind of techniques where we refract these wells, kind of late life in the wells. And we're seeing improved well performance on expected ultimate recovery by 60%, which is very competitive in our cost supply framework. And then I'll take you up to the Bakken. We're using infill wells and upcoming edge wells to further increase overall recovery, and these are also a competitive cost of supply. Again, that's increasing the recovery per pad.
And then the final bucket, that enhanced oil recovery component, where we've done many pilot studies, mainly in the Eagle Ford, around gas injection, huff-and-puff. And we've seen technical success. We've seen injectivity and the corresponding oil response. But I'll leave you with this on the enhanced oil recovery, these projects don't compete within our expansive drill one inventory at this point in time. We'll continue to study it and analyze it, and that's something we can address in the future. So from long laterals to improve completion design to infill wells, we're improving recovery in our assets.
