Permian Fracking Continues to Break Records
The prolific Permian Basin continues to break records.
Hydraulic fracturing (fracking) in the Permian broke old records in June, according to energy research firm Rystad Energy, who estimates there were as many as 18 wells fracked per day in June.
Previously, fracking operations in the Permian peaked at 520 wells in August 2018. Rystad estimates almost 550 wells were fracked in June.
“The Midland platform has undoubtedly been the driver of this upwards trend with consistent month-over-month increases,” said Oleksii Shulzhuk, senior analyst on Rystad’s shale team. “According to our latest estimate, fracked wells totaled 339 in June 2019, constituting a whopping 70 percent growth since the first quarter of 2019, when an average of 200 wells were fracked per month.”
Nationwide, U.S. fracking operations saw a strong recovery in June with 49 wells fracked per day, an increase of five daily wells since May.
“This puts fracking in June just one daily well short of reaching the all-time high rate that was achieved in August 2018, when 50 wells were fracked across the U.S.,” Shulzhuk added.
The U.S. saw the spring months experience flattened average fracking activity, with just one well per day increase in both March and April followed by a two well-per-day decline in May.
Conversely, June experienced an increase of five wells per day across all major shale-producing regions in the U.S. – driven by the Permian, Eagle Ford, Bakken and the SCOOP/STACK play in Oklahoma.
“This latest batch of fracking activity confirms our belief that prospects look promising for U.S. shale production in the second half of the year,” said Shulzhuk. “Going forward we might still experience some positive surprises from fracking activity as we observe cases of back-loaded activity this year for selected players. However, we must also recognize that the high numbers achieved in June could turn out to be the peak fracking rate for all of 2019.”
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension