U.S. OIL + 81 TBD, GAS + 827 MCFD
Oil and gas production from the Anadarko, Appalachia, Bakken, Eagle Ford, Haynesville, Niobrara, and Permian, taking into consideration the regions' total number of active drilling rigs, drilling productivity, and estimated changes in production from existing oil and gas wells.
The Permian is projected to supply 50,000 b/d of the overall rise, bringing its November output to 2.663 million b/d. EIA estimates the basin's count of drilled-but-uncompleted (DUC) wells climbed by 93 month-over-month in September to 2,416. Its Baker Hughes rig count has mostly avoided the downward momentum seen in other regions in recent months.
EIA projected Permian production to increase 260,000 b/d in the second half compared with the first half to average 2.6 million b/d.
The Niobrara shale and Anadarko region are each expected to rise by 9,000 b/d month-over-month in November to 515,000 b/d and 474,000 b/d, respectively. The Bakken is projected to gain 8,000 b/d during the month to 1.1 million b/d.
The Anadarko’s DUC tally rose by 25 in September to 962, while the Niobrara’s gained 16 to 742. The Bakken’s was static at 772.
Eagle Ford oil output is forecast to increase 2,000 b/d in November to 1.216 million b/d. Its DUC count jumped by 43 in September to 1,444 despite the residual effects of Hurricane Harvey and an ongoing rig count decline that started in June.
EIA also projects second-half crude production increases in the Niobrara, up 75,000 b/d to 500,000 b/d; the Anadarko, up 42,000 b/d to 460,000 b/d; the Bakken, up 31,000 b/d to 1.1 million b/d; and the Eagle Ford, up 5,000 b/d to 1.2 million b/d.
EIA forecasts natural gas production from the seven regions to climb 827 MMcfd month-over-month in November to 60.94 bcfd.
Each region is seen contributing an increase, with the Appalachia region up 398 MMcfd to 25.693 bcfd, Permian up 154 MMcfd to 9.059 bcfd, Haynesville up 146 MMcfd to 7.27 bcfd, Niobrara up 50 MMcfd to 4.769 bcfd, Anadarko up 38 MMcfd to 5.994 bcfd, Bakken up 23 MMcfd to 2.028 bcfd, and Eagle Ford up 18,000 b/d to 6.124 bcfd.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.