New-well oil production per rig has gained some serious ground over the last three years, increasing nearly 85% since the start of 2019, EIA data compiled by Oilprice shows. According to the EIA’s most recent Drilling Productivity Report published on Monday, new-well oil production per rig rose to 1,142 barrels per day in December, and is expected to stay close to that figure in January, at 1,140.
While the monthly gains have been modest since the beginning of 2019—at an average gain of just 14 barrels per rig per day, it has catapulted…Average Production Per U.S. Oil Rig Has Soared 81% Since 2019
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