it is just a question of time to hit the jackpot.US shale oil output estimated to see first drop in May
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Houston (Platts)--13Apr2015/452 pm EDT/2052 GMT
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US shale oil production is expected see its first net drop in May of 57,000 b/d, reversing a years-long trend of continued growth, according to the US Energy Information Administration's latest Drilling Productivity Report, which was published Monday.
The data show estimated net production in the Bakken, Eagle Ford and Niobrara shale plays all dropping in May, as they did in April. But April's estimates still showed a net growth of 1,000 b/d, EIA said. May's estimates are the first time total net domestic shale oil output will have contracted since the EIA began publishing the DPR in November 2013.
Among shale plays, only the Permian Basin in West Texas and New Mexico is forecast to show a significant projected net gain in May -- of 11,000 b/d. That compares with 21,000 b/d net gain projected for the Permian in April.
Because of low oil prices that have clung around the $50/b level for the last several months, producers have steeply cut 2015 capital budgets and shuttered drilling rigs. The result has been a relatively quick falloff in new domestic production