Image courtesy of Blastcube/Wikimedia Commons.

Platts reported  that production from shale formations in North Dakota and Texas rose by 55,000 barrels per day, or 2.1 percent, in September despite slumping prices.

The report, assembled by Bentek Energy, said production at the Eagle Ford shale play jumped 38.3 percent over last year, with more than 414,000 incremental barrels per day being made available to domestic end users.

Crude oil production in the North Dakota section of the Bakken shale formation in the Williston Basin averaged nearly 1.2 million barrels per day in September, 231,000 barrels per day higher than September 2013.

Although oil prices have consistently stayed under $100 per barrel since August production does not seem to be slowing.

The report found that producers are actually ramping up exploration and production efforts in the face of weak prices and demand.

“Producers have experience with price volatility and have dug in. They won’t walk away from these valuable plays unless low prices remain for an extended period of time,” Bentek Energy director of energy analysis Jack Weixel said.

U.S. crude production also spiked by more than 1.5 million barrels per day over last year, the report said.

Bentek Energy is the analytics and forecasting unit of New York-based Platts.


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