This presentation contains the latest oil production data from 16881 horizontal wells in the Eagle Ford, until March, based on the latest production data from the Texas RRC.
A few observations/comments:
- This update includes for the first time also horizontal wells from gas leases, and therefore also condensate production (which I count as oil). Also, I now include all horizontal wells in the area that constitutes the 5 RRC districts in which the Eagle Ford is located. Therefore, a few hundred horizontal wells in this presentation are drilled in other formations, such as the Austin Chalk. These factors explain the big increase in overall reported production, compared with last months update.
- As I don’t report gas production, it may be good to know that the total gas to oil ratio for all wells in this presentation was about 4:1 (MCF:bo). Of course, there can be major differences between wells/areas/operators.
- It is clear that total oil production is declining rapidly these months. The total newly producing wells in the first quarter last year was 1044 wells, vs 276 reported so far. Because wells in the Eagle Ford decline faster, for longer, compared with wells in the Bakken, the overall decline is also higher, during this period of few completions.
- As always for Texas, major revisions are still likely for the last few months. I expect that March production may still be revised upwards by around 10%. I am still collecting more revision data, to be able to say more about this in the future.
By next week Thursday/Friday, I will have another post on the Permian.
The above presentation has many interactive features:
- You can click through the blocks on the top to see the slides.
- Each slide has filters that can be set, e.g. to select individual or groups of operators. You can first click “all” to deselect all items. You have to click the “apply” button at the bottom to enforce the changes. After that, click anywhere on the presentation.
- Tooltips are shown by just hovering the mouse over parts of the presentation.
- You can move the map around, and zoom in/out.
- By clicking on the legend you can highlight selected items, and include or exclude categories.
- Note that filters have to be set for each tab separately.
- The operator who currently owns the well is designated by “operator (current)”. The operator who operated a well in a past month is designated by “operator (actual)”. This distinction is useful when the ownership of a well changed over time.
- If you have any questions on how to use the interactivity, or how to analyze specific questions, please don’t hesitate to ask.