The Eagle Ford Shale is expected to produce 1.614-million b/d of oil in November, which is a 29% increase from the same time last year, according to the Energy Information Administration’s (EIA) Drilling Productivity Report. October’s total production from the play is expected to be 1.579-million b/d.
Despite lower crude prices, EIA data shows gains in production across all major U.S. shale fields. According to the International Energy Agency (IEA), only 4% of U.S. shale production needs prices above $80 for drillers to break even. On October 17th, WTI was trading at ~$82.
Eagle Ford operators continue the trend to be more efficient. EIA data shows new-well oil production per rig increasing from 532 b/d in October to 540 b/d in November.
Gains in the Bakken and Permian Basin
The Bakken Shale in North Dakota and Montana is expected to produce 1.193-million b/d of oil in November, up 22% from the same time last year, according to the EIA. October’s total production from the play is expected to be 1.164-million b/d.
Production in West Texas’ Permian Basin in October is expected to be 7.765-million b/d, and increase ~2% to 1,807-million b/d in November.
Texas and North Dakota, which encompasses the most active area of the Bakken, currently make up almost half of the nation’s crude oil supply.