Posted on 10/16/2014 11:12:30 AM PDT by thackney
The Eagle Ford Shale is expected to make 1.61 million barrels of oil per day in November, up 42 percent from the year before, according to a new government report.
The field is making around 1.58 million barrels of oil daily this month, according to the U.S. Energy Information Administration.
The EIA shows production from the Eagle Ford and other major shale fields increasing even as the price of crude oil dips.
The Permian Basin remains the nation’s most prolific oil field. It’s expected to make 1.8 million daily barrels of oil in November, up 30 percent from the same month last year.
The Bakken Shale in North Dakota and Montana is expected to make 1.19 million barrels of oil daily, up 18 percent from last November, according to the data.
Eagle Ford operators also continue to become more efficient. The EIA’s Drilling Productivity Report said new-well oil production per drilling rig is at 532 barrels per day this month. It should increase to 540 barrels of oil daily next month.
New-well oil production per rig in the Bakken Shale in North Dakota and Montana is expected to be 530 barrels daily this month, increasing to 537 barrels daily in November.
In the Permian Basin, the productivity measure is expected to rise from 172 to 176 barrels daily in November.
Although much of the focus in the Eagle Ford is on liquids – the more profitable crude oil and condensate, a lighter oil – the field also is one of the nation’s biggest natural gas producers.
The Eagle Ford will make 7,040 million cubic feet of natural gas per day in November. The Marcellus Shale, the nation’s top shale gas field, is expected to produce 16,045 million cubic feet per day of gas next month.
The EIA’s monthly report focuses on the seven most prolific oil and gas fields in the U.S. – the Permian, Eagle Ford, Bakken, Marcellus, Haynesville, Niobrara and Utica. It’s measure of oil production includes both crude oil and condensate.
Impressive display of oil field technology gains.
Now let’s watch how this plays out while the prices dip....
My thoughts are if it can keep it flat, I call it successful
Some of the world’s biggest banks say the collapse in oil is just about over.
Bank of America Corp. and BNP Paribas SA predict prices will hold above $80 a barrel. Commerzbank AG also sees that level as a possible low for Brent crude. They’re in part counting on OPEC cutting output — some say as soon as next month — to compensate for recent declines in demand.
North Sea Brent, the benchmark for more than half the world’s oil, has slid by more than $30 a barrel from its June high to below $83 a barrel today amid a supply glut and slower global growth. Ministers from the 12-member Organization of Petroleum Exporting Countries will meet in Vienna on Nov. 27 to discuss production and price levels.
“We are almost at the floor,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London, said by phone yesterday. He estimates that Brent will be supported at $80 to $85 a barrel and could rebound to $95 by year-end. “It’s not in OPEC’s interest to see prices too low for too long a period.”
http://fuelfix.com/blog/2014/10/16/end-to-oil-collapse-in-sight-for-bofa-bnp-paribas/
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