Production of crude oil in Permian Basin is forecast to decline again in October, according to the latest drilling productivity report from U.S. Energy Information Administration. EIA said Sept. 18 oil production in Permian will be down by 26 million barrels per day to 5.773 million b/d in October from 5.799 million b/d in September. Overall in seven major regions oil production will be down in October by 40 million b/d to 9.393 million b/d from 9.433 million b/d in September. Bakken is runner-up with 1.227 million b/d (up 3 million in past month) followed by Eagle Ford with 1.109 million b/d (down 17 million b/d in past month).
Production of gas in Permian Basin is expected to increase by 11 million cfd to 23.745 billion cfd in October after 23.734 billion cfd in September. Appalachia remains the leading natural gas producer with 35.718 billion cfd in October (down 137 million cfd from 35.855 billion cfd in September). Seven major producing regions are forecast to produce 98.366 billion cfd of gas in October (down 339 million cfd from 98.705 billion cfd in September).
EIA also said the number of DUC wells (drilled but uncompleted) continues to decline. Across the seven major regions there were 4,749 DUC wells in August after 4,788 in July. In Permian Basin, there were 830 DUC wells in August after 833 in July. Only Haynesville added DUC wells in the past month (up by 7 in August to 789).