US OIL WILL DOWN 91,000
Crude oil production in August from seven major US shale plays is expected to decline 91,000 b/d to 5.36 million b/d, according to the US Energy Information Administration's latest Drilling Productivity Report (DPR). EIA last month also projected a 91,000-b/d decline for July.
The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica, which altogether accounted for 95% of US oil production increases and all US natural gas production increases during 2011-13.
The monthly drop will again be led by the Eagle Ford, where output is expected to fall 55,000 b/d in August to 1.54 million b/d. Production from the Niobrara is expected to fall 20,000 b/d to 395,000 b/d.
Production from the Bakken is projected to decrease 22,000 b/d in August to 1.18 million b/d. In the Permian, where production has continued to grow during the industry-wide downturn, output is expected to increase 5,000 b/d to 2.05 million b/d.
New-well oil production/rig across the seven plays is projected to increase in August by a rig-weighted average of 10 b/d to 432 b/d, including a 26-b/d rise in the Bakken to 691 b/d, 25-b/d rise in the Eagle Ford to 766 b/d, 14-b/d rise in the Niobrara to 516, and 12-b/d rise in the Permian to 327 b/d.
Natural gas production across the plays is expected to drop 260 MMcfd in August to 45.15 bcf. The steepest decline by far is projected for the Eagle Ford, which EIA sees relinquishing 123 MMcfd to 6.97 bcfd. The Utica is the lone play projected to increase gas output, adding 22 MMcfd to reach 2.66 bcfd.
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