{"id":56124,"date":"2020-12-22T10:27:02","date_gmt":"2020-12-22T15:27:02","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56124"},"modified":"2020-12-22T10:27:02","modified_gmt":"2020-12-22T15:27:02","slug":"the-collapse-of-u-s-shale-oil-production-has-now-begun","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56124","title":{"rendered":"The Collapse Of U.S. Shale Oil Production Has Now Begun"},"content":{"rendered":"
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The Collapse Of U.S. Shale Oil Production Has Now Begun<\/a><\/h3>\n<\/header>\n
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It\u2019s Official.\u00a0 The collapse of U.S. shale oil production has begun.\u00a0 The mighty Shale Oil BOOM has now finally turned into a BUST.\u00a0 While the pandemic shutdowns sped up the process, the collapse of the U.S. shale industry was going to occur, regardless.\u00a0\u00a0According to the U.S. Energy Information Agency, shale oil production will continue to decline below 7.5 million barrels per day in January.<\/strong><\/p>\n

At the peak last year, the top five shale oil fields combined production reached nearly 9.2 million barrels per day.\u00a0 Since the shutdowns during March-April, many of the companies curtailed shale oil production.\u00a0 However, all of these wells have now been brought online, but the massive decline rate is kicking in due to a lack of drilling and completion activity.<\/p>\n

As we can see in the chart below, shale oil production in these five fields fell from 9.16 million barrels per day during the peak in 2019 to 7.27 million barrels per day forecasted next month (January).<\/p>\n

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In a little more than a year, the combined shale production from these five fields declined by 1.9 million barrels.<\/strong>\u00a0 The data in the chart above is shown in thousand barrels per day.\u00a0 According to Shaleprofile.com, these five fields add more than 11,000 new wells in 2019.\u00a0 In looking at the new well trend data for Jan-Oct 2020, I would be surprised to see more than a total of about 5,000 wells added this year.<\/p>\n

While the Permian suffered the highest decline in shale oil production, the biggest loser in percentage terms was the Anadarko Field.\u00a0 Oil production from the Anadarko declined from 603,000 barrels per day (b\/d) at the peak last year to a forecasted 363,000 bd in January.\u00a0 That\u2019s a stunning 40% decline in a little more than a year.<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Collapse Of U.S. Shale Oil Production Has Now Begun It\u2019s Official.\u00a0 The collapse of U.S. shale oil production has begun.\u00a0 The mighty Shale Oil BOOM has now finally turned into a BUST.\u00a0 While the pandemic shutdowns sped up the process, the collapse of the U.S. shale industry was going to occur, regardless.\u00a0\u00a0According to the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,17848,12073,846],"class_list":["post-56124","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-oil-production-collapse","tag-srsrocco-report","tag-us-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56124"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56124\/revisions"}],"predecessor-version":[{"id":56125,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56124\/revisions\/56125"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}