(Energy Analytics Institute, Piero Stewart, 4.Nov.2018) — EOG Resources, Inc. (EOG) reported a 20% collapse in natural gas production in Trinidad in the third quarter of 2018 (3Q:18). Looking forward to the next quarter, the scenario doesn’t look promising.
Gas production in Trinidad was 260 million cubic feet per day (MMcf/d) in 3Q:18, down 63 MMcf/d or 20% compared to 3Q:17, while crude oil production remained flat at 0.8 thousand barrels per day (Mb/d), the company reported in an official statement. On an equivalent basis, total gas and oil production in Trinidad was 44.1 thousand barrels of oil equivalents per day (Mboe/d) in 3Q:18, down 10.5 Mboe/d or 19% compared to 54.6 Mboe/d in 3Q:17.
In terms of prices, gas averaged $2.88 per thousand cubic feet (Mcf) and oil averaged $61.71 per barrel ($/bbl) in 3Q:18, up $0.84/Mcf and $22.29/bbl, or 41% and 57%, respectively.
Chart 1: Operational Update
Chart 2: Footnotes
Looking forward to 4Q:18, EOG expects gas and oil production to average between 220-250 MMcf/d and 0.5-0.7 Mb/d, respectively. On an equivalent basis, gas and oil production is expected to average between 37.2-42.4 Mboe/d, the company reported.
Chart 3: Forecasts