Output in the biggest US shale oil basin is set to rise by
about 37,000 bpd, the smallest gain in seven months, based on projections from
the US Energy Information Administration (EIA) in its monthly drilling
productivity report.
Gains slowed as some of the largest firms are warning of
overworked oilfields and less productive new wells.
Overall US output is forecast to reach a record 9.32 million
bpd in January, according to the EIA, up only 94,500 bpd over the prior month.
In August, the month-over-month increase was 207,500 bpd.
Legacy
oil production change, which excludes output from new wells, will show steeper
declines in all major shale producing regions in January. Production from new
wells, defined as one that began producing for the first time in the previous
month, also is expected to fall.
In the Bakken region of North Dakota and Montana, the EIA
forecast oil output next month will rise 21,000 bpd to 1.22 million bpd, the
largest total since November 2020.
In the Eagle Ford shale in South Texas, output will rise
10,000 bpd to 1.24 million bpd in January, its highest total volume since April
2020.
Natural
gas production also is expected to grow by 535 million cubic feet per day to a
record 96.28 billion cubic feet of gas per day. US gas production is rising
sharply amid growing global need for the fuel.
In the
biggest shale gas basin, Appalachia in Pennsylvania, Ohio and West Virginia,
January output will rise to 35.53 bcfd, the highest since hitting a record 36
bcfd in December 2021.
Gas output in the Permian and the Haynesville field in
Texas, Louisiana and Arkansas will rise to record highs of 21.39 bcfd and 16.41
bcfd in January, respectively.
EIA said producers drilled 1,005 wells in November, the most
since March 2020. Total drilled-but-uncompleted (DUC) wells rose by 22 to 4,443
in November, the first monthly increase since June 2020
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