Posted on 04/24/2015 5:51:32 AM PDT by thackney
U.S. crude oil production fell at least 135,000 barrels of oil per day in January 2015 compared to December 2014 according to the EIA (Figure 1).
Bakken Shale production fell the most of any play or jurisdiction losing 37,000 barrels per day in North Dakota and 4,000 barrels per day in Montana for a total of 41,000 barrels of oil per day (Figure 2). Production in California, the offshore Gulf of Mexico, Alaska and Wyoming also declined significantly.
Figure 3 shows Bakken production based on DrillingInfo data. The 42,000 barrels of oil per day drop in January production is completely consistent with EIA data differing by only 1,000 barrels per day.
This is important because DrillingInfo data also shows significant decreases in the Eagle Ford and Permian basin plays in January 2015 of 36,000 and 33,000 barrels of oil per day, respectively (Figures 4 and 5). EIA shows that Texas production increased 3,000 barrels per day.
(Excerpt) Read more at oilprice.com ...
I wonder... PA isn’t shown on the regional chart. Then again, I am guessing that most of the drilling going on in western PA is on gas plays.
I have a sneaking suspicion that gas production, if shown graphically as in these charts for crude, would be shown to be still on the increase... well except for those LOSERS in NY state.
Would you please post a longer term chart(say 5 years) of US oil production? I want to see the increase over the last 5 years.
U.S. Field Production of Crude Oil
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M
Back to 1920, the chart can be zoomed as desired.
Also see:
U.S. Dry Natural Gas Production
http://www.eia.gov/dnav/ng/hist/n9070us2m.htm
zoomable production chart
Make it stop.
U.S. Shale Oil: A Grand Parade Of Cost Improvements
http://seekingalpha.com/article/3095956-u-s-shale-oil-a-grand-parade-of-cost-improvements
Oil at $65 Seen Freeing 500,000 Barrels From Shale Fracklog
http://www.bloomberg.com/news/articles/2015-04-24/oil-at-65-seen-freeing-half-million-barrels-from-shale-fracklog
Bulls are backing oil price breakthrough
http://www.cnbc.com/id/102617303
There is a driller putting in some diagonal wells right now on the other side of town across the river... a few months back they were drilling on the west side of town right off the main drag. Both are residential areas of Warren.
There is plenty of wells, but their typical production is far below the rates seen in Bakken, Eagle Ford, Permian, etc.
Pennsylvania is producing about 18,000 barrels per day of oil.
Texas is producing about 3,500,000 barrels per day of oil.
North Dakota is producing about 1,200,000 barrels per day of oil.
http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_m.htm
Shale wells have a very steep decline curve, unless you have continuous drilling and fracking to keep production up this is what happens. Just the beginning. The Saudis got what they wanted.
It will come back in a hurry if the oil price climbs enough.
Drillers in oil and gas fields from Texas to Pennsylvania have yet to turn on the spigots at 4,731 wells they’ve drilled, keeping 322,000 barrels a day underground, a Bloomberg Intelligence analysis shows. That’s almost as much as OPEC member Libya has been pumping this year. The number of wells waiting to be hydraulically fractured, known as the fracklog, has tripled in the past year as companies delay work in order to avoid pumping more oil while prices are low. It’s kept crude off the market with storage tanks the fullest since 1930. The fracklog may slow a recovery as firms quickly finish wells at the first sign of higher prices.
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