NEW YORK – U.S. shale production is expected to fall the most on record in November, extending a nationwide output decline into its seventh consecutive month, according to a forecast on Tuesday from the U.S. Energy Information Administration.
Total output is set to fall by more than 93,000 barrels per day (bpd) to 5.12 million bpd, according to the EIA’s monthly drilling productivity report. That’s the largest monthly cut forecast since data was available in 2007.
Oil production from the Eagle Ford play in South Texas was expected to fall 71,000 bpd to 1.37 million bpd. Bakken oil output in North Dakota was expected to slide 23,000 bpd to 1.16 million bpd.
Oil production from the Permian Basin of West Texas, which continues to buck the trend, was projected to rise 21,000 bpd to 2.03 million bpd.
New well oil production per rig remained unchanged for the Bakken and Eagle Ford. It rose 2 bpd in the Permian, data show.
Natural gas production in the major shale plays was expected to fall 294 million cubic feet per day (mmcfd) to 44.9 billion cubic feet per day (bcfd) in November from October.
That would be the fifth expected monthly decline in a row for gas production from shale fields and would be the biggest decline since March 2014, according to EIA data. Despite the expected decline in November, overall production would still be up from the 42.8 bcfd shale output in November 2014.
EIA forecast the biggest production declines would be in the Marcellus in Pennsylvania and West Virginia, down 215 mmcfd, and the Eagle Ford in South Texas, down 135 mmcfd.
(Editing by Grant McCool and Chizu Nomiyama)
This article was written by Catherine Ngai and Scott DiSavino from Reuters and was legally licensed through the NewsCred publisher network.