EIA: Bakken oil output to remain below 1 million b/d in August
Crude oil production in August from the Permian and Bakken is expected to remain below the benchmarks of 2 million b/d and 1 million b/d, respectively, according to projections from the US Energy Information Administration.
Crude oil production in August from the Permian and Bakken is expected to remain below the benchmarks of 2 million b/d and 1 million b/d, respectively, according to projections from the US Energy Information Administration.
Further declines in those regions seen in the latest Drilling Productivity Report (DPR) will help push down overall US crude production by 99,000 b/d to 4.553 million b/d.
The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica regions, which altogether accounted for 95% of US crude production increases and all US natural gas production increases during 2011-13.
Production from the Eagle Ford is seen dropping 48,000 b/d during the month to 1.079 million b/d. The Bakken is expected to fall 32,000 b/d to 966,000 b/d, while the Niobrara is to drop 12,000 b/d to 371,000 b/d.
At the lower end of the declines, the Permian is expected to drop 6,000 b/d to 1.974 million b/d.
New-well oil production/rig across the seven regions is projected to increase in August by a rig-weighted average of 10 b/d to 558 b/d, reflecting gains of 24 b/d in the Eagle Ford to 1,076 b/d, 21 b/d in the Niobrara to 961 b/d, 17 b/d in the Bakken to 858 b/d, and 12 b/d in the Permian to 515 b/d.
EIA forecasts US gas production from the regions to fall 417 MMcfd to 45.725 bcfd. The Eagle Ford is again to lead the way, relinquishing 209 MMcfd to 5.805 bcfd.
It’s followed by the Niobrara, down 74 MMcfd to 3.994 bcfd; Permian, down 46 MMcfd to 6.868 bcfd; Haynesville, down 36 MMcfd to 5.88 bcfd; Bakken, down 31 MMcfd to 1.56 bcfd; and Marcellus, down 26 MMcfd to 17.95 bcfd. The Utica, meanwhile, is expected to rise 5 MMcfd to 3.668 bcfd.
