US Oil Production – Page 20

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated to October 2019. Information from other sources such as the IEA and OPEC is used to provide a short term outlook for future output and direction.

Non-OPEC production increased by 382 kb/d to 50,930 kb/d in October from 50,512 kb/d in September. This is second highest monthly increase for 2019 after the August increase of 699 kb/d.

October’s production exceeded the previous high of 50,919 kb/d reached in December 2018 by 11 kb/d. Gains from Norway, U.S, and Canada overcame declines from other countries to post the new October record.

Contrast what has happened with output in 2019 with 2018. From December 2017 to December 2018, production increased from 47,768 kb/d to 50,919 kb/d, an increase of 3,151 kb/d. Of this, the three largest contributors were U.S., Russia, and Canada. From December 2018 to October 2019, production so far has increased by 11 kb/d. How much will the next two months add?

In the discussion here I use the term net volume to refer to the volume of prospective rock that might be developed to produce tight oil. For each bench of a prospective tight oil play (Wolfcamp A would be one example of a bench) there is an area estimate (5733 thousand acres for Wolfcamp A of Delaware) and a success ratio (%) = 94.7, in the case of Wolfcamp A. Net acres are the total acres times the success ratio, for Wolfcamp A, 5429 thousand net acres. On average the Wolfcamp A of the Delaware basin is about 400 feet thick, so the net volume would be net acres times thickness or 2172 million acre-feet. An acre-foot is a volume that is one acre (44,000 square feet) by one foot thick or 44,000 cubic feet (or a box that is 1000 ft long by 44 feet wide by 1 foot high.)

Category: US Oil Production

Non-OPEC Output Reaches New High

Permian Basin, Bakken/Three Forks and Eagle Ford Net Volume