From west Texas and eastern New Mexico north to North Dakota, oil producers are increasing their production from fewer rigs. The ramped-up production is more than what the analysts expected and now it’s at a record pace. This is a result of drilling rigs spudding on average of 2 more wells per year.
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As Bloomberg recently reported, US government forecasters mader a prediction last year that oil production nationally, would average 12.5 million barrels a day. But that figure is up to 13.3 million a day and gives support to the premise that the U.S. shale fields have more than enough oil power growth.
Fewer oil and gas rigs are being used this year to make the big strikes in crude oil production in the U.S. Witness what’s happened in Oklahoma as the number of rigs a year ago totaled 69 while this week, Baker Hughes Co. reported the total was 38. Nationally, the count is 623 compared to one year ago when there were 776 rigs. That’s a decline of 153 rigs, yet producers are turning out more crude oil.
The chat below shows total wells spud by count and average in Texas, Oklahoma, New Mexico. We have seen an increase of wells being drilled per month with less rigs.
The chart below shows the wells spud by 10 of the top rigs operating in the Delaware basin. These rigs are averaging 4 more wells spud per year.
Rig #’s – Savanna 415, AKITA 57, H&P 246, H&P 653, Patterson 815, H&P 425, H&P 549, H&P 245, H&P 258, Patterson 885
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