Widely eyed US energy data seen providing false readings
Reuters story talking about how the weekly rig count is determined and how its not a great forecaster anymore of future production. I found this quote from the story interesting.
Gas produced from one rig in the Haynesville shale play in Louisiana and Texas produces about as much gas as 50 wells in the Permian, according to Adam Bedard, formerly at Bentek Energy in Colorado, which closely monitors production figures.
"There is an illusion that production is going to fall this year, an illusion driven by the declining rig count," he said.
http://www.reuters.com/article/2012/08/29/energy-rigcount-idUSL2E8J...
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Permalink Reply by Skip Peel - Mineral Consultant on -
tc, I think the quote you mention refers to the fact that the Permian wells are not true "gas wells". Their production is some mix of oil/condensate/natural gas liquids/natural gas. As the article points out classification of wells is not a highly defined process. And many of the "oil" wells are not what laymen think they are.
The advent of substantial production from shale has changed that. Thanks to the rise of hydraulic fracturing and horizontal drilling, energy companies are now extracting a cocktail of hydrocarbons from what the industry calls "windows" of gas, oil and liquids, many of which overlap or are stacked on top of each other.
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