Production in Oklahoma s Scoop Stack shale play is forecasted to hit 342,000 barrels of oil per day and 5.8 billion cubic feet per day this month, according to GlobalData s latest report.
Production in Oklahoma’s Scoop Stack shale play is forecasted to hit 342,000 barrels of oil per day and 5.8 billion cubic feet per day this month, according to GlobalData’s latest report.
The figures mark a 43 percent decline in oil and a 27 percent dip in natural gas from the play’s peak in September 2019, which saw highs of 604,000 barrels of oil per day and 7.9 billion cubic feet of gas per day, GlobalData highlighted. GlobalData outlined that this “sharp decrease” in production is linked to a “drastic” drop in rig count, “with companies reducing capital expenditure, as well as focusing capex in other plays”.
2 TSX Stocks to Buy for Deep Value and Passive Income fool.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.ca Daily Mail and Mail on Sunday newspapers.
Home / Oil & Energy / Oil & Companies News / Post-COVID-19 recovery in US Scoop Stack shale play will not be able to match 2019 production, says GlobalData
Post-COVID-19 recovery in US Scoop Stack shale play will not be able to match 2019 production, says GlobalData
The Scoop Stack, located in Oklahoma, accounts for 4.5% of oil and 7.2% of natural gas production in the United States Lower 48. This play recorded its highest month of production in September 2019, with 604 thousand barrels of oil per day (mbd) and 7.9 billion cubic feet per day (bcfd). After September 2019, the Scoop Stack has experienced a slow decline that was exacerbated by the effects of the COVID-19 pandemic, says GlobalData, a leading data and analytics company.