U.S. crude oil output from seven major shale basins was expected to hit a record of 7.94 million barrels per day (bbl/d) in December, according to a monthly government forecast released on Nov. 13.
The total oil output from the basins was expected to rise 113,000 bbl/d, driven largely by increases in the Permian Basin of Texas and New Mexico, where output was forecast to climb by 63,000 bbl/d to about 3.7 million bbl/d in December, the U.S. Department of Energy's Energy Information Administration (EIA) said.
Output was also expected to rise in each of the other basins, except for the Haynesville, where it would remain unchanged at 43,000 bbl/d.
U.S. natural gas production, meanwhile, was projected to increase to a record 75.1 billion cubic feet per day (Bcf/d) in December. That would be up more than 1 Bcf/d over the November forecast and would be the 11th monthly increase in a row.
A year ago in December output was just 63.9 Bcf/d.
The EIA projected gas output would increase in all the big shale basins in December.
Output in the Appalachia region, the biggest shale gas play, was set to rise 400 million cubic feet per day to a record 30.4 Bcf/d in December. Production in Appalachia was 26.9 Bcf/d in the same month a year ago.
EIA said producers drilled 1,577 wells and completed 1,308 in the biggest shale basins in October, leaving total drilled but uncompleted wells up 269 at a record high 8,545, according to data going back to December 2013.
That was the most wells drilled in a month since February 2015 and the most completed in a month since March 2015, according to EIA data.
Recommended Reading
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
Crescent Point Energy to Rebrand as Veren Inc.
2024-03-21 - The company will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 10.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-19 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.