Shale Oil Revolution Comes to Eagle Ford Texas
Reuters reports that the shale oil-rich area of Texas known as the Eagle Ford is quickly becoming the country's new hot spot for oil, and could rival production in the Bakken region of North Dakota within a few years:
"Over the past two years, some 30 companies have moved in to a shale prospect in South Texas called the Eagle Ford that could add 420,000 barrels per day (bpd) to U.S. crude oil production, nearly matching the output of OPEC member Ecuador. The first phase of this latest boom has accelerated over the past year. Companies have hastened development of the estimated 3 billion barrels of shale oil across Eagle Ford by bringing in the horizontal drilling and hydraulic fracturing techniques that opened up North Dakota.
Eagle Ford output has risen from nil two years ago to 71,000 barrels of oil per day, and will leap fivefold by 2015, according to energy consultancy Bentek. To relieve a bottleneck producers say has begun to choke growth, pipeline companies in recent weeks committed more than $1 billion to add 940,000 barrels per day (bpd) of pipeline capacity by the end of 2012."
MP: Here comes more energy prosperity, shovel ready jobs, economic stimulus, and increased government revenue to the state of Texas from America's "shale revolution" that is changing the world energy map. And it's all happening in the private sector without any taxpayer money. Drill, drill, drill.....
HT: Lyle Meier