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The EIA’s Drilling Productivity Report

June 9, 2015

The EIA’s Drilling Productivity Report

The EIA has released its latest Drilling Productivity Report. There were some interesting data presented in the report.

DPR Bakken

They say the Bakken peaked at 1,311,703 barrels per day in March and will have declined by 74,763 bpd in July.

DPR 1

The EIA says the Bakken will get 51,000 barrels per day in July from new wells but legacy wells will decline by 80,000 barrels per day leaving a decline of 29,000 bpd.

DPR Eagle Ford

The EIA says Eagle Ford peaked in 1,711,376 barrels per day in March and will have declined by a total of 117,971 bpd in July.

DPR 2

The EIA says Eagle Ford will get 90,000 bpd from new wells in July but the decline from legacy wells will be 139,000 bpd leaving a decline of 49,000 bpd.

DPR Niobrara

The EIA says Niobrara peaked in March at 459,861 bpd and will have declined by 49,712 bpd by July.

 

…click on the above link to read the rest of the article…

Worldwide Drilling Productivity Report

January 27, 2015

Worldwide Drilling Productivity Report

The EIA publishes what they call a Drilling Productivity Report in which they claim that each rig is getting more productive, that is each rig produces just a little more oil each month than it did the previous month. But over the long haul, I find that the exact opposite is true. In every place in the world, each rig produces a little less oil every year.

Baker Hughes publishes monthly their International Rig Count where we can find the world rig count back to 1975. However I only looked at the last 15 years and found some surprising results.

The last “Rig Count” data point on all charts below is December 2014. Also, very important, the rig count includes rigs drilling for gas as well as oil since Baker Hughes does not break down international rigs down to either gas or oil. They just give us the total rig count.

World Rig Count

The last price collapse we had, in late 2008, the rig count dropped by over 1,570 between September 2008 and May 2009.

…click on the above link to read the rest of the article…

 

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