by Daniel J. Graeber
Washington (UPI) Sep 27, 2017
U.S. shale exploration and production company Sanchez Energy said its production from its assets in Texas was accelerating even after Hurricane Harvey.
"Despite the previously announced temporary suspension of completion operations due to Hurricane Harvey, strong well results across all of our western Eagle Ford acreage have led to a steady increase in production during the quarter," CEO Tony Sanchez III said in a statement. "We are currently producing at a rate of over 75,000 barrels of oil equivalent per day, which has us on pace to deliver production results that are in-line with our third quarter 2017 forecast."
The announcement from Sanchez followed a statement from Chesapeake Energy, which said it expected a shortfall in third quarter production because of the impacts from Hurricane Harvey, which hit Texas in late August and ran through parts of the Eagle Ford shale basin.
Chesapeake has assets in the Eagle Ford shale basin in Texas and the Haynesville shale, situated mostly in Louisiana. Both states were in the direct line of Harvey. The company said third quarter production for oil should be around 86,000 barrels per day, compared with 88,400 barrels per day last year.
Sanchez said its assets in the Catarina section of the Eagle Ford shale were outperforming its forecasts by about 20 percent. Based on that, the company said it expected to produce as much as 84,000 barrels of oil equivalent per day by the fourth quarter. Production is mixed more or less evenly between oil, natural gas liquids and natural gas.
Sanchez is one of the larger operators in the Eagle Ford shale basin in Texas and added more than 300,000 acres to its portfolio through a March acquisition from rival shale player Anadarko Petroleum.
Total second quarter production of around 6.7 million barrels of oil equivalent for Sanchez was 43 percent higher than the first quarter and revenue increased 31 percent, improvements driven in large part by the acquisition from Anadarko.
A drilling productivity report from the U.S. Energy Information Administration forecasts a slight decline in production from Eagle Ford through October.
Washington (UPI) Sep 26, 2017
Crude oil production reported to the state energy regulator in Texas for July was slightly lower than last year, preliminary data show. Texas is the No. 1 oil producer in the nation and at least parts of four of the seven active shale basins in the country lie within its borders. The Railroad Commission of Texas, the state's energy regulator, reported total crude oil production from Aug ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|