Next month marks a year of monthly drops for Eagle Ford Shale with production expected to decline by about 50,000 barrels daily.
The oil field, bordering near Laredo to the College Station area, peaked at 1.7 million daily barrels last March. However, it will be producing 1.22 million barrels daily in March of this year according to a report from the U.S. Energy Information Administration.
With falling crude oil prices and energy companies completing fewer wells, the industry as a whole has suffered. A barrel of oil, which cost more than $100 in the summer of 2014, traded below $30 last week.
U.S. shale fields will pump about 4.9 million barrels of oil per day in March (down by about 92,000 barrels from last month). The only major shale oil field with rising oil production for next month is the Permian Basin, which is up by about 500 daily barrels from last month.
Article written by HEI contributor Aliyah Cole.