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Permian oil output forecast to hit record high in June – EIA


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NEW YORK, May 16 (Reuters) – Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 88,000 barrels per day (bpd) to a record 5.219 million bpd in June, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday.

Total output in the major U.S. shale oil basins will rise 142,000 bpd to 8.761 million bpd in June, the most since March 2020, EIA projected.

In the Bakken in North Dakota and Montana, EIA projected oil output will rise 17,000 bpd to 1.189 million bpd in June, the most since December 2020.

In the Eagle Ford in South Texas, output will rise 27,000 bpd to 1.176 million bpd in June, its highest since April 2020.

Total natural gas output in the big shale basins will increase 0.8 billion cubic feet per day (bcfd) to a record 91.8 bcfd in June, EIA forecast.

In the biggest shale gas basin, output in Appalachia in Pennsylvania, Ohio and West Virginia will rise to 35.7 bcfd in June, its highest since hitting a record 36.0 bcfd in December 2021.

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Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20.0 bcfd and 15.1 bcfd in June, respectively.

GLJ

But productivity in the biggest oil and gas basins has declined every month since setting records of new oil well production per rig of 1,544 bpd in December 2020 in the Permian, and new gas well production per rig of 33.3 million cubic feet per day (mmcfd) in March 2021 in Appalachia.

In June, EIA expects new oil well production per rig will drop to 1,129 bpd in the Permian, the lowest since August 2020, and new gas well production per rig will drop to 28.5 mmcfd in Appalachia, the lowest since September 2020.

EIA said producers drilled 874 wells and completed 944, both the most since March 2020, in the biggest shale basins in April.

That left total drilled but uncompleted (DUC) wells down 70 to 4,223, the lowest since at least December 2013, according to EIA data going back that far. The number of DUCs available has fallen for 22 consecutive months.



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