EIA Estimates May-to-June US Shale Oil Growth at 38,000Bpd
6/17 2:44 PM
EIA Estimates May-to-June US Shale Oil Growth at 38,000Bpd CRANBURY, N.J. (DTN) -- Output growth from seven main U.S. producing regions increased 38,000 bpd to 8.45 million bpd from May to June, the Energy Information Administration estimates in its monthly Drilling Productivity Report released this afternoon, less than half of the 83,000 bpd projected production gain forecasted in May. Two regions---Eagle Ford in southwest Texas, and Niobrara in Colorado and Wyoming---accounted for the missed forecast, with both regions estimated to have seen steep declines. Oil production in Eagle Ford at 1.393 million bpd is down 34,000 bpd from May and 33,000 bpd below projections. Niobrara oil production is down 18,000 bpd from May at 720,000 bpd, and 32,000 bpd below projections. Oil production in the Permian in western Texas, eastern New Mexico, increased a slightly slower than projected 54,000 bpd to 4.171 million bpd in June, continuing to drive growth in domestic output. For July, oil production from the seven regions are expected to increase 70,000 bpd to 8.52 million bpd, with 55,000 bpd of the output gain to be generated in the Permian. EIA expects output in Eagle Ford to slow 3,000 bpd, while projecting a 10,000 bpd increase in Niobrara. Oil production in the Bakken region in North Dakota is projected to increase 11,000 bpd from June to 1.439 million bpd in July after outpacing May expectations with a 24,000 bpd month-on-month increase. Drilled but uncompleted wells declined by 77 to 8,283 in May, with all regions seeing a decline except in the Permian, where DUCs increased by 41 to 3,971. (c) 2019 DTN. All rights reserved.
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