Understanding the Permian’s Productivity versus Other Plays
The Permian’s productivity
In its June drilling productivity report, the EIA (US Energy Information Administration) estimated the average new-well production added by top oil and gas plays. According to the EIA, new-well oil production per rig is highest in the Eagle Ford, followed by the Bakken. The Permian has lower new well oil production per rig as compared to these regions.
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New-well oil production per rig in the Eagle Ford is estimated to be 1,451 barrel per day in June 2017, and this is expected to remain unchanged in July 2017. The Permian’s estimated new-well oil production per rig is 617 barrels per day for June 2017, which is expected to decline to 602 barrels per day in July 2017.
However, the Permian’s total production is expected to increase more than the Eagle Ford’s in July. The Permian’s production is expected to rise by 65,000 barrels per day, as compared to the forecast increase of 43,000 barrels per day in the Eagle Ford.