Oil production in the Eagle Ford is plummeting, according to new data.
The U.S. Energy Information Administration (EIA) released the latest drilling productivity report showing production across the shale basins continues to decline with the Eagle Ford taking a big hit.
The agency estimates that the Eagle Ford will lose 78,000 barrels of production in the month of December. The decline has been a trend since the numbers peaked in April.
Related: U.S. Oil Production Has Peaked
Most alarming is the rate at which the monthly decrease is accelerating. In August the decline was 57,000 barrels per day and in December the EIA expects that the decrease will be 52% higher at 87,000 barrels per day.
But a closer look shows that production from the Permian Basin, which is located in West Texas and southeastern New Mexico, is forecast to climb by 11,000 barrels a day to roughly 2.02 million barrels a day next month. Output from that shale play has been climbing all year.
Total oil output from major U.S. shale regions is expected to fall by 118,000 barrels a day to about 4.95 million barrels a day in December. One exception to this trend seems to be is what is happening in West Texas’ Permian Basin. Production in this region is forecast to climb by 11,000 barrels a day to roughly 2.02 million barrels a day next month.
Read more at eia.gov