EIA: US oil output to drop to 7.69 million bpd in shale fields next month
Friday, October 23, 2020
Experts are anticipating the biggest U.S. shale oil production drop since May, according to the U.S. Energy Information Administration’s most recent monthly forecast.
Output is expected to decline by 123,000 barrels per day (bpd) in November to about 7.69 million bpd. Furthermore, overall output is expected to drop for the third straight month and is expected to decline in most of the seven major shale formations in November.
The Eagle Ford Basin in South Texas is expected to experience the biggest decline, as production is estimated to drop by about 34,000 bpd to about 1 million bpd.
Learn more: Reuters > U.S. shale oil output to drop 123,000 bpd to 7.69 million bpd in November: EIA
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.