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    1. Oil production grows in Bakken and Eagle Ford

      Oil production from key shale formations in North Dakota and Texas increased slightly in July from June, according to Bentek Energy, an analytics and forecasting unit of Platts. Oil production from the Eagle Ford Basin in Texas remained relatively strong in July, up 10,000 barrels per day (b/d), but less than 1%, from June, the latest analysis showed. This increase followed the growth trend that has been set by the basin since January when oil production showed the first (and so far only) sign of decline when it decreased 14,000 b/d month on month. Crude oil production in the North Dakota section of the Bakken shale formation of the Williston Basin remained flat, increasing less than 500 b/d, or less than 1% in July vs. June. The average oil production from the Eagle Ford Basin last month was 1.6 million b/d. On a year-over-year basis, that is up a little less than the incremental 250,000 b/d, or about 17% higher than July 2014, according to Sami Yahya, Bentek energy analyst. The average crude oil production from the North Dakota section of the Bakken formation in July was 1.2 million b/d, or up approximately 90,000 b/d from year-ago levels. “It is the flight to quality and higher returns that is keeping crude production going in those two key shale basins,” Yahya said. “Initial production (IP) rates have been improving, especially in the oily window of the Eagle Ford Basin. As well, producers in the Eagle Ford are currently drilling 2.5 wells per rig per month, which is higher than the national average of 1.5 wells. Drill times have been improved from an average of 15 days per well in 2014 to roughly 11 days per well in 2015.” Yahya noted that the Bakken shale formation follows closely behind the Eagle Ford Basin in terms of efficiency gains and internal rates of return. Drill times in this basin have dropped from about 15 days per well in late 2014 to about 13 days per well during the second quarter of this year, he said. “Substantial cost savings protocols alongside reduced drill times have kept internal rates of return (IRR) in the Bakken shale formation among the best in the country,” Yahya explained. “Current rates of return in the Bakken shale formation are around 15%, which is comparable to the 18% found in the Eagle Ford Basin.” Bentek analysis shows that, from July 2014 to July 2015, total US crude oil production has increased by about 550,000 b/d. “Prices continue to slide for both of these shale crudes with the daily price decrease in July averaging at 52 cents per barrel (/b) for Eagle Ford and 61.5 cents/b for Bakken, representing a 206% and 779% respective acceleration in its daily price decrease when compared to June,” said Luciano Battistini, Platts managing editor of Americas crude. “Eagle Ford and Bakken prices, however, have ranged from $49.77/b to $60.22/b and $42.71/b to $54.05/b, respectively -- still within the high-low range for the year.” The Platts Eagle Ford Marker, a daily price assessment launched in October 2012 and reflecting the value of oil out of the Eagle Ford shale formation in South Texas, has increased 5% between January and July, with an average price of $48.14/b for the first seven months of 2015. But it is down 49% from year-ago levels. The marker has ranged between $46.22/b and $66.23/b since the beginning of this year. The price of oil out of the Bakken formation at Williston, North Dakota, was up 12% between January and July, with an average price of $48.14/b for the first seven months of 2015, according to the Platts Bakken assessment. Platts Bakken, however, is down 49% when compared to last year’s corresponding month. The wellhead assessment has ranged between $37.67/b and $59.32/b since the beginning of January.  

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      Fri, 21 Aug 2015

    2. Shale oil production in Bakken, Eagle Ford grew slightly in June

      Oil production from the Bakken and Eagle Ford shale plays increased marginally in June vs. May, according to Bentek Energy, an analytics and forecasting unit of Platts.

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      Mon, 3 Aug 2015

    3. Bakken and Eagle Ford shale oil production flat in February

      In February, shale oil production in the Bakken and Eagle Ford shale plays increased by 19,000 barrels per day, or 1%, according to Bentek Energy, an analytics and forecasting unit of Platts.

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      Thu, 19 Mar 2015

    4. Iran joins other OPEC members in pressuring OPEC to cut oil production

      OPEC member Iran has joined fellow member Libya, among other OPEC members, in pressuring OPEC to reduce its oil output before the organization meets on June 5, according to a Bloomberg report. OPEC’s November 2014 decision to maintain its current oil production levels has resulted in an almost 50% ...

      Online Articles

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      Wed, 15 Apr 2015

    1. IHS: Historic gains in US oil production may come to a halt in 2015

      Online Articles

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      Tue, 3 Feb 2015

    2. Shale oil production from Bakken, Eagle Ford up 2.1% in September

      Oil production from shale formations in North Dakota and Texas increased by 55,000 barrels per day (b/d) or 2.1% in September, according to Bentek Energy, an analytics and forecasting unit of Platts.  

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      Mon, 20 Oct 2014

    3. Tight oil production pushes US crude supply to over 10% of world total

      US tight oil production averaged 3.22 MMbbl/d in the fourth quarter of 2013, according to US EIA estimates. This level was enough to push overall crude oil production in the US to an average of 7.84 MMbbl/d, more than 10% of total world production, up from 9% in the fourth quarter of 2012.

      Online Articles

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      Wed, 26 Mar 2014

    4. Shale drilling boosts US crude oil production to highest level in 15 years

      US crude oil production (including lease condensate) averaged almost 6.5 million barrels per day in September 2012, the highest volume in nearly 15 years, according to the US Energy Information Administration.

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      Tue, 4 Dec 2012

    5. Yergin: Death of Qaddafi will have limited impact on Libyan oil production

      IHS CERA Chairman Daniel Yergin says that news of the death of Libyan dictator Muammar Qaddafi will have a minimal impact on Libyan oil production and global oil markets.

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      Thu, 20 Oct 2011

    6. BP starts West Chirag oil production in Caspian Sea

      BP says oil production has started from the new West Chirag platform in the Azeri sector of the Caspian Sea.

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      Mon, 3 Feb 2014

    7. Chevron confirms first oil production from Papa-Terra offshore Brazil

      The Brazilian subsidiary of Chevron Corp., along with Petrobras, have started crude oil production from Papa-Terra's floating production, storage and offloading vessel (FPSO) offshore Brazil.

      Online Articles

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      Tue, 12 Nov 2013

    8. Chestnut acquires Willamar Field, nearly doubles oil production

      Chestnut Exploration & Production Inc. has acquired the Willamar West Unit in Willacy County, Texas, which increases the company’s oil production by 91%. The 1,720 gross acre unit was acquired by Chestnut Exploration & Production Inc. with the Chestnut Production Fund IV for $13.1 million.

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      Online Articles

      Wed, 27 Aug 2014

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