EIA: Eagle Ford Shale Expected to Hit 1.614-Million b/d in Nov. 2014

New-Well Oil Production Per Rig Increasing from 532 b/d in October to 540 b/d in November
EIA Eagle Ford Production Chart - Nov. 2014

EIA Eagle Ford Production Chart – Nov. 2014

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.

An Eagle Ford Rig Adds 400 Barrels of Oil Production Per Month

EIA Shows Eagle Ford Oil Production Above 1 Million b/d
Eagle Ford Production Added by Rig

Eagle Ford Production Added by Rig | Click to Enlarge

The EIA published it’s first “Drilling Productivity Report” for six major producing regions in the U.S. earlier in the week.

The EIA found the Eagle Ford and the Bakken account for approximately 75% of oil production growth in the U.S. each month. [Read more…]

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