Permian Basin is one of four major producing regions expected to increase production of crude oil next month. In the latest drilling productivity report Feb. 12 from U.S. Energy Information Administration, crude oil in Permian Basin is forecast at 6.085 million barrels per day for March – an increase of 14,000 b/d from 6.071 million b/d in February. Eagle Ford in south Texas, Bakken and Niobrara also are expected to post modest gains. Eagle Ford will be up 5,000 b/d from February to 1.145 million b/d in March. Across seven regions, production is forecast to grow by 20,000 b/d in February to 9.716 million b/d in March.
EIA said production of natural gas in seven regions is expected to decline by 25 million cfd in March to 100.425 billion cfd from 100.450 billion cfd in February. Permian gas production is forecast to grow by 134 million cfd from 24.628 billion cfd in February to 24.762 billion cfd in March. Appalachia remains the gas production leader in March with 36.408 billion cfd – down 76 million cfd from 36.484 billion cfd in February.
Three regions reported more DUC wells (drilled but uncompleted) in January – Appalachia, Eagle Ford and Haynesville – but overall in seven regions the DUC count declined from 4,399 in December to 4,386 in January. Permian’s count fell by three to 839 DUC wells in January.