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US shale oil output to add 85,000 bpd in September

US shale oil output to add 85,000 bpd in September

Mubasher: Oil production from seven key US shale plays is set to rise by 85,000 next September, hitting a record of 8.768 million barrels per day (bpd), the Energy Information Administration (EIA) projected.

The biggest gain for crude output would come from the Permian Basin, spanning parts of western Texas and southeastern New Mexico, as output is predicted to jump by 75,000 bpd to 4.423 million bpd next month, the EIA said in its monthly drilling productivity report.

Production gains in the Permian as well as Bakken have been fuelling the shale boom that made the US the world’s biggest oil producer.

Shale production from Montana and North Dakota’s Bakken basin is set to rise by 3,000 to 1.436 million bpd, while output from the nearby Niobrara play, which includes Wyoming and Colorado, will add another 12,000 to reach 758,000 bpd.

However, the EIA predicted that shale output from Oklahoma’s Anadarko and Texas’ Eagle Ford will post slight declines of 3,000 and 6,000 bpd, respectively, while production in Haynesville will remain stable at 43,000 bpd.

Moreover, US natural gas output is projected to come in at 81.595 billion cubic feet per day (Bcfd) in September, rising by 729 million cubic feet per day.

Gas output would rise in most of the big shale basins next month, except for Anadarko and Eagle Ford.

By 8:10 am GMT, US Nymex crude futures fell by 0.27% to $54.78 per barrel (pb), while global benchmark Brent futures declined by 0.31% to $58.39 pb, as Nymex natural gas futures climbed by 0.86% to $2.12 per million British thermal units (MMBtu).