Drilling Productivity Report released
The U.S. Energy Information Administration published its Drilling Productivity Report, with the results indicating drilling predictions through July will be higher than the previous year.
Oil production expected to increase year over year
According to the report, new-well oil production, measured in thousands of cubic feet per day, will increase in the following regions:
- Eagle Ford
These seven regions produced 95 percent of domestic oil as well as 100 percent of all domestic natural gas between 2011 and 2013. Bloomberg noted the U.S. is becoming a substantial producer of the natural resource.
"The Marcellus region will see the highest volume of gas production."
"Production has increased as producers work through the backlog of uncompleted wells," the EIA said, according to Bloomberg. "Projected 2015 oil prices remain high enough to support continued development drilling in the core areas of the Bakken, Eagle Ford, Niobrara, and Permian basins."
Eagle Ford is expected to see the highest volume of barrels of oil produced per day. The drilling report forecast 719 b/d in June and 741 b/d in July.
The Marcellus region will see the highest volume of gas production at 8,230 thousand cu ft/d in June and 8,276 thousand cu ft/d in July.
Production forecast through 2025
The EIA also expects the production of oil to stabilize in the next 10 years.
"In 2025, total crude oil production in these four regions averages 3.0 million bbl/d in the Reference case, 3.4 million bbl/d in the High Oil and Gas Resource case, and 2.9 million bbl/d in the Low Oil Price case, still higher than the production rate of 2.5 million bbl/d in 2013," noted EIA. "In the High Oil Price case, crude oil production in all four regions remains relatively stable between 2020 and 2025, averaging 3.2 million bbl/d."
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