Posted on 08/11/2015 5:27:48 AM PDT by thackney
Oil production from the Eagle Ford Shale in South Texas will dip again in September, according to the latest report from the U.S. Energy Information Administration.
Production of crude oil and the light oil condensate is expected to slide by 56,000 barrels daily, to around 1.48 million barrels per day.
It will be the sixth straight monthly drop for Eagle Ford output.
The industry has been hit hard by falling crude oil prices, with energy companies drilling and completing fewer wells. Oil prices were higher than $100 per barrel last summer but have been trading around the $45-level recently.
Production in the Eagle Ford peaked in March at 1.71 million barrels, but has dipped every month since, according to the EIA.
The Eagle Ford isn’t alone — production started slipping in the Bakken field in North Dakota and eastern Montana in May, and in the Niobrara field (in Colorado, Wyoming, Nebraska and Kansas) in April.
Overall, the major U.S. shale oil fields are expected to pump 5.27 million barrels daily in September, around 93,000 fewer daily barrels than in August.
The Permian Basin in West Texas and eastern New Mexico, the largest overall crude producer in the U.S., is the only major shale oil field that still has rising oil production.
The Permian is expected to pump 2.04 million barrels of crude oil per day in August, up by around 8,000 daily barrels over this month.
The EIA’s monthly report looks at the country’s most productive shale oil and gas fields.
Drilling Productivity Report
http://www.eia.gov/petroleum/drilling/pdf/dpr-full.pdf
For key tight oil and shale gas regions
August 2015
Funny thing is the hiring picked back up a tad. That is just watching people that were sitting waiting to go back to drilling rigs. Don’t know what the count is.
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