U.S. Second Largest Oil Field Production Falls As Decline Rates Rise

– U.S. Second Largest Oil Field Production Falls As Decline Rates Rise:#

While Americans continue to believe that the U.S. will become energy independent, the county’s second largest shale oil field is seeing a drop in production due to a rising decline rate. The Eagle Ford Region in Texas experienced an increase in production as the oil price, and drilling activity increased since the beginning of 2016.

At its peak in March of 2015, the Eagle Ford was producing more than 1.7 million barrels of oil per day (mbd) but fell 30% to 1.2 mbd in November 2016 as the oil price declined. However, as the oil price recovered and drilling rig activity increased, oil production at the Eagle Ford rose to 1.4 mbd currently.

Unfortunately, oil production at the Eagle Ford is forecasted to decline in October. According to the EIA’s Drilling Productivity Report, the Eagle Ford will add 89,000 new barrels of oil per day (bd) in October but will lose 98,000 bd due to legacy declines:

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H/t reader squodgy:

“The shale oil & gas industry was always a flash in the pan.

The economic unviability was eveident from the get go!

The negative environmental issues plagued it as did the earthquakes….logically it was never going to work, and its perseverance for the 15 years only proves the stupidity/gullability of bankers.

Just as with the sub-prime.”

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