• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 7 hours Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 1 hour Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 6 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 2 hours Let's shut down dissent like The Conversation in Australia
  • 2 hours Pepe Escobar: “How The Houthis Overturned The Chessboard”
  • 12 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 18 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 day Hong Kong protesters appeal to Trump for support.
  • 1 day Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 14 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 9 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 15 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
All Eyes Are Off Venezuela

All Eyes Are Off Venezuela

The current situation in the…

The Permian Craze Is Fizzling … But Shale Oil Production Isn’t

Permian Basin

The frenzied Permania that had oil and gas companies rushing to the O&G hotspot may be on the outs, but production in the industry’s number one basin has not, according to the US Energy Information Administration’s Drilling Productivity Report released on Monday.

Oil production in the Permian basin is set to hit a brand-new record next month, the EIA said, expecting a 55,000 barrel per day increase month on month, reaching 4.226 million barrels per day. The Niobrara and Bakken basins are also set for an increase in July, of 10,000 and 11,000 barrels per day, respectively. The Permian accounts for nearly half of the production of the top seven basins, and is nearly three times as prolific as the next most prolific basin, The Bakken.

For the seven major basins that the EIA tracks in its monthly Drilling Productivity Report, July’s production is set to increase by 70,000 month over month, reaching 8.520 million bpd—also a new record.

This shale oil production has helped to catapult the United States into the top crude oil producer in the world at 12.6 million bpd as of the first week of June, even ahead of the titans of oil industry old—Russia, whose production hit 10.87 million bpd that same week; and Saudi Arabia, whose production hit 9.690 million bpd according to the last official OPEC MOMR.

While oil production is still on an uphill climb, the number of DUCs decreased in May, from 8,360 in April to 8,283 in May.

Gas production in the seven most prolific shale plays is also expected to increase in July, from 80,564 million cubic feet per day in June to 81,362 million cubic feet per day in July.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Sonica Lee on June 18 2019 said:
    My great uncle acquired a Reeves County mineral rights deed for 1440 acres (in 1918) as a family trust and gainsayed every doubter and mocker that it would one day yield a gushing reward.
    Although he, and all the original beneficiaries had passed shares onto their children, we all held onto the faith of his confident outlook, even during unproductive years and a trustee's dishonest embezzlement deceit.
    Our hopes began to rise with the new (back then) diagonal drilling process and even greater infusions of relief when the discovery of the vast Permian Basin bounty was disclosed.
    Last year, the trust was dissolved with proceeds from the sale (six 0's after a digit) of the deed, disbursed among many family recipients.
    Have faith, no matter the content of negative feedback or less than expected participation for robust active productivity.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play