Crude oil production in Permian Basin is projected to grow by 5,000 barrels per day in January 2024 to 5.986 million b/d from 5.981 million b/d in December. In the latest drilling productivity report Dec. 18 from U.S. Energy Information Administration, overall production in seven major plays is forecast to fall slightly by 1,000 b/d in January to 9.692 million b/d. The only other region expected to grow oil production in January is Bakken by 2,000 b/d to 1.308 million b/d. Eagle Ford is forecast to decline by 2,000 b/d to 1.149 million b/d in January.
Permian also is one of only two regions expected to grow natural gas production in January. EIA said gas production in Permian next month is expected to be 24.363 billion cfd – up 130 million cfd from 24.233 billion cfd in December. Overall gas production in seven regions is forecast at 99.025 billion cfd for January – down 200 million from 99.225 billion cfd in December. The only other region expected to grow gas production from December to January is Bakken. Appalachia remains the gas production leader with 35.630 billion cfd in January after 35.765 billion cfd in December.
Six of seven regions reported fewer DUC wells (drilled but uncompleted), including 821 in Permian in November after 832 in October. In seven regions there were 4,415 DUC wells in November after 4,498 in October. Haynesville added DUC wells in November.