Permian Oil and Gas Production to Hit New Records
Oil Production in the Permian will surpass 4 million barrels per day (MMbpd) in March.
That’s according to the U.S. Energy Information Administration’s (EIA) latest drilling productivity report, which forecasts that oil output in the region will rise from 3.98 MMbpd in February to 4.02 MMbpd next month.
The projected oil production figure for March would be a new record for the area, according to EIA data stretching back to 2010, which shows that oil output in the region stood at under 1 MMbpd nine years ago.
The EIA’s new drilling productivity report also predicts that gas production from the Permian will hit 13.39 billion cubic feet per day (Bcf/d) in March, up from a forecasted 13.17 Bcf/d in February.
This would also be a new record for gas production from the area, according to EIA data stretching back to 2010, which shows that gas output in the Permian stood at well under 6 Bcf/d in 2010.
The EIA forecasts that total oil production in the Anadarko, Appalachia, Bakken, Eagle Ford, Haynesville, Niobrara and Permian regions will rise from 8.31 MMbpd in February to 8.39 MMbpd in March. Total gas output from these regions is projected to rise from 77.1 Bcf/d in February to 77.9 Bcf/d in March.
The drilling productivity report is a monthly publication published on the EIA’s website. According to the EIA, it uses recent data on the total number of drilling rigs in operation, along with estimates of drilling productivity and estimated changes in production from existing oil and natural gas wells, to provide estimated changes in oil and natural gas production for seven “key” regions.
The EIA is the statistical and analytical agency within the U.S. Department of Energy. It collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets and public understanding of energy and its interaction with the economy and the environment, according to the EIA’s website.
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