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Oil prices continued to slide…

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

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

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  • 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.

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