U.S. Energy Information Administration continues to grow its forecast of oil production from Permian Basin. In its drilling productivity report of Sept. 12, EIA said production for October 2022 is expected to be 5.413 million barrels per day – up 66,000 b/d from 5.347 million b/d in September. Across seven major oil producing regions, EIA expects production in October of 9.115 million b/d – up 132,000 b/d from 8.983 million in September.
Production of gas also continues to grow, according to EIA, to 94.741 billion cubic feet per day in October in seven regions – up 606 million cfd from 94.135 billion cfd in September. Appalachia leads with 35.577 billion cfd in October – up 91 million cfd from September – and Permian follows with 20.736 billion cfd in October after 20.584 cfd in September to grow by 152 million cfd.
Permian is also the leader in DUC wells (drilled but uncompleted) with 1,161 in August after 1,180 in July. Across the seven regions, DUC wells were down in August to 4,283 from 4,299 in July.