• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Three Countries Hold 50% of the World’s Uranium Reserves

Three Countries Hold 50% of the World’s Uranium Reserves

Australia, Kazakhstan, and Canada are…

Israel-Hezbollah Tensions Flare Up

Israel-Hezbollah Tensions Flare Up

Cross-border missile exchanges between Israel…

Average Production Per U.S. Oil Rig Has Soared 81% Since 2019

New-well oil production per rig has gained some serious ground over the last three years, increasing nearly 85% since the start of 2019, EIA data compiled by Oilprice shows.

According to the EIA’s most recent Drilling Productivity Report published on Monday, new-well oil production per rig rose to 1,142 barrels per day in December, and is expected to stay close to that figure in January, at 1,140.

While the monthly gains have been modest since the beginning of 2019—at an average gain of just 14 barrels per rig per day, it has catapulted the average production per rig per day to 1,140. This is up from 628 at the beginning of 2019—for a gain of 81%.

Production overall in the seven most prolific shale plays in the United States is also up. According to the DPR, December’s production is estimated at 8.342 million bpd, with January estimated to come in at 8.438 million bpd.

This compares to the January 2019 production of 8.117 million bpd. In the meantime, however, in January 2020, production from the seven plays had increased to 9.178 million bpd.

The EIA’s Drilled but Uncompleted Wells report (DUC) shows that the number of DUCs has been coming down, with November 2021 estimated at 4,855 rigs, down from October’s 5,081. With a loss of 105 DUCs from the Permian alone as of November’s count.

Oil production in the most prolific shale play in the United States—the Permian—is expected to increase 71,000 bpd in January to 5.031 million bpd—up from 4.960 million bpd in December.

ADVERTISEMENT

The second most prolific basin, the Bakken, is expected to increase 8,000 bpd to reach 1.154 million bpd in January. Both the Bakken and the Permian are expected to decrease in the new-well production per rig for the month of January, with the Bakken expected to fall by 42 barrels per rig per day, and the Permian by 4 barrels per rig per day.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on December 14 2021 said:
    This has had to happen because the massive GOM product is now starting to flood the market...with demand for gasoline and diesel fuel set to truly plunge for 2022 in the USA.

    Plus this excludes imports of refined product!
    West Canada Select (WCS) contract futures prices have been wholly and totally annihilated for December.

    Fuel prices are getting cheaper in Ohio than anywhere on Earth based upon the "re-export trade" from Western Canada oil into refined product ahem *TOWARDS* ahem Ontario.

    Plus Ohio is in and of itself a massive energy producer in every way...oil, natural gas, coal and nuclear. Prices for fuel in Ohio as such could suddenly become really really really low especially with the ongoing and *EPIC* collapse in palladium prices.

    Assuming Chevy Bolt production fires up in January plus the whole "Ultium" thing..

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News