Positive Signs in the Eagle Ford

Started April 17, 2017 at 11:52 am by @Keith Mauck in Eagle Ford Shale

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Keith Mauck
04/17/17 11:52:20AM

...The Eagle Ford Shale produced more than 1.16 million barrels daily in March.

...In February, the shale saw 424 permitted wells and 80 rigs, Garcia said. The rig count in December was 38.

...The average number of barrels produced per day by the shale dropped below 1 million two years ago, Garcia said. Now that the price per barrel has stabilized around between $50 and $60, oil companies have more courage to drill.

...Below the Eagle Ford Shale, there are other shales that also contain oil, Garcia said, but it is not cost-effective to drill them yet.

...Garcia sees a mini-boom in the future if 20 to 30 rigs are added to the Eagle Ford Shale.

...The backbone of the Texas economy is the oil industry, Garcia said. The industry paid about $9.4 million in state and local taxes and state royalties in 2016, an average of $26 million a day.

...The average salary of an oil and gas employee is $120,000, and about 2 million Texans have a job in the industry, Garcia said.

..."You're going to continue to see more companies knock on your door," he aid. "The reason is the availability of natural gas - cost-effective natural gas. The Eagle Ford is a good thing. This community and county will be able to take advantage of that in the future."


04/17/17 05:58:31PM @kittycatmama2:

Some of the counties in the EF have more nat gas(Duval and Jim Wells for example) than the oil producing counties in northern part of EF. Wonder if these southern counties will see more nat gas drilling




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