Texas drilling permits decreased in August by nearly two-thirds over this time last year as Eagle Ford production tanks.
The Texas Railroad Commission released August drilling statistics this week showing the agency issued 864 permits last month across the state compared to 2,440 in 2014. The breakdown of well types included 222 oil, 59 gas, 518 oil or gas, 54 injection, zero service and 11 other permits.
Well completion statistics are equally discouraging as the RRC reports processing 1,113 oil, 172 gas, 36 injection and 11 other completions inAugust 2015 compared to 2,157 oil, 303 gas, 92 injection and four other completions in August 2014. Total well completions for 2015 year to date are 14,665 down from 20,657 recorded during the same period in 2014.
This latest report comes on the heels of the EIA announcing that oil production in the Eagle Ford has decreased by 300,000 barrels a day since April. The decrease is being seen across several regions with a total production from the shale plays falling by 350,000 barrels.
The RRC reported that Eagle Ford received 125 permits to drill new wells and had 261 oil and gas completions. Since January 1st, 1685 drilling permits have been issued to producers in the Eagle Ford, which is roughly a third of all permits for the entire 2014.
Read more at rrc.tx.org