The number of wells drilled but not completed (DUC’s) rose for the 21st successive month, according to the latest report from The Energy Information Authority (EIA).
At the end of August, the total for the 7 major onshore producing areas in the lower 48 states was 8,269. This was up 238 on the restated figure from the previous month. The DUC’s in the Permian basin now stand at 3,630. This is up 211 on the previous month and up 80% year-on-year. DUC’s in the Eagle Ford are now 1,545 and have risen 25% year-on-year.
Note that, every month, the EIA restate prior months’ figures, with revisions going back four years.
Completions are still slowly rising and were 1,282 in August. Completions in the Permian Basin peaked in March 2018. The Anadarko Basin of Oklahoma shows the fastest rise in completions.
Increases in production from these basins is projected to slow. Production rose by 106,000 barrels a day in August with the EIA projecting increases of 93,000 barrels a day for September and 78,000 barrels for October.