30 Apr '17, 3pm

EIA economist: Permian production is ‘remarkable’ | Peak Oil

EIA economist: Permian production is ‘remarkable’ | Peak Oil

Permian Basin operators are successfully coaxing more crude to the surface, and the Energy Information Agency is forecasting the region will raise its output to 2.4 million barrels a day in May. The Permian will produce 662 barrels per rig next month, unchanged from April, according to the agency’s Drilling Productivity Report. Production from new wells will increase 205,000 barrels per day, offsetting a 129,000-barrel-per-day decline from legacy wells by 76,000 barrels per day. “The rise in Permian oil production is remarkable,” Faouzi Aloulou, industry economist with the EIA said in an email. “In addition to increases in drilling activity, production has benefited from improvements in drilling efficiency and drilling and completion technology.” Jesse I. Esparza, petroleum engineer in the agency’s Office of Petroleum, Natural Gas & BioFuels, listed four specific moves pro...

Full article: http://peakoil.com/production/eia-economist-permian-produ...

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