Oil volumes coming out of the Eagle Ford increased slightly in December, as producers remain engaged in a 'survival of the fittest' struggle.
Related: Eagle Ford Counties Lead Production
Analyst group, Platts Bentek, reported this week that oil production in the Eagle Ford went relatively unchanged in December. Though the slight increase of 11,000 barrels a day is statistically irrelevant, it is a welcome relief after months of decline.
December's average oil production from the Eagle Ford was 1.5 million barrels per day, a 7% decrease year-over-year from 2014.
“The small increase in crude production in the Eagle Ford shale is attributed to a slight resurgence in drilling activity in the region. In December, the number of active rigs in the Eagle Ford reached 80, an increase of five rigs over the previous month. The brief rebound of active rigs is likely due to producers balancing their drilling programs and budgets for the fourth quarter and meeting their goals for wells drilled for the year.”
Looking to the future, the U.S. Energy Information Administration (EIA) predicted that volumes from the seven major shale regions in the U.S. will drop by 116,000 barrels a day in February with the Eagle Ford having the biggest losses, possibly dropping 72,000 barrels a day to 1.15 million.
Producers in the region are feeling the pinch as more and more struggle to stay afloat amidst this unstable environment.
“It is survival of the fittest: the best and most efficient rigs and crews remain standing on the field.”