EIA: US Shale Oil Output To Rise In March To Highest In 10 Months
NEW YORK, Feb 13 (Reuters) - U.S. shale oil production for March is expected to rise by the most in five months to its highest rate since May last year, government data showed on Monday, as energy companies boost drilling on the back of crude prices that are hovering over $50 a barrel.
March oil production is forecast to rise by nearly 79,000 barrels per day to 4.87 million bpd, according to the U.S. Energy Information Administration's drilling productivity report. That would be the biggest monthly rise since October.
In the Permian shale play of West Texas and New Mexico, output is forecast to rise by more than 70,000 bpd to 2.25 million bpd, in what would be the biggest monthly rise since January 2016.
Meanwhile, Eagle Ford production in Texas is expected to rise by 14,000 bpd to 1.08 million bpd, the first monthly increase since December 2015, EIA data showed.
In North Dakota's Bakken field, production is forecast to fall by nearly 18,000 bpd to 976,000 bpd, the fifth consecutive month-on-month decrease.
U.S. natural gas production from the seven biggest shale basins was projected to increase to a record high 49.1 billion cubic feet per day in March, the EIA said.
That would be up over 0.5 bcfd from February and would be a third monthly increase in a row.
EIA projected output would decline in only one region in March, the Eagle Ford. Output there is expected to ease by 25 million cubic feet per day to almost 5.6 bcfd, its lowest level since November 2013.
Output in the Marcellus formation in Pennsylvania and West Virginia, meanwhile, is set to rise by almost 0.2 bcfd to a record high 19.1 bcfd in March, a fifth consecutive increase.
EIA also said producers drilled 760 wells and completed 668 in the biggest shale basins in January, leaving total drilled but uncompleted wells (DUCs) up 92 at 5,381, the most since April.
(Reporting by Catherine Ngai and Scott DiSavino; Editing by Marguerita Choy and Leslie Adler)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea