With an estimated 7 to 10 billion barrels of oil lying in wait, the Eagle Ford is one of the largest unconventional resource plays under development globally. Over 3,200 wells were completed in the region in 2013 alone. To date, oil and gas activity in the Eagle Ford has created 116,000 jobs and contributed $60 billion to the U.S. economy. That’s impressive, considering just five years ago the Eagle Ford was virtually inactive. The first commercial discovery in 2008 by Petrohawk Energy (now part of BHP Billiton) – a well that flowed at 7.6 million cubic feet of gas per day – launched a surge of activity that is still growing today.
Now, top E&Ps like EOG, Chesapeake, Marathon, ConocoPhillips and Anadarko have large-scale operations in the Eagle Ford. The region has become a prime target for investment because of its favorable economics, established infrastructure, proximity to demand centers, and staggering resource availability. Companies with prime locations are seeing more than a 100% rate of return, and the current pace of drilling is expected to continue for at least five more years.
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Eagle Ford, to learn more about The Eagle Ford Shale and whats happening in the different shale plays visit the Unconventional Oil and Gas Center, a Hart Energy publication.
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