Look Out Bakken, Here Comes Eagle Ford, Where Oil Production Has Almost Tripled in the Last Year
New well starts in the Eagle Ford region in Texas increased 110% from January through March 2012 compared to the same period in 2011, according to BENTEK Energy.
Other key findings include:
- Operators started drilling 856 new wells in January-March 2012 compared to 407 in January-March 2011.
- In early April 2012, the Eagle Ford active rig count set a new high of 217 units.
- Increased drilling translated into higher crude oil production, which is projected to average over 500,000 barrels per day (bbl/d) in April, up from 182,000 bbl/d in April 2011, an increase of 175% in just one year.
- Current Eagle Ford area natural gas production is about two billion cubic feet per day.
- Horizontal wells accounted for nearly all of the new well starts so far in 2012.
- Bentek estimates that in March 2012, Eagle Ford crude oil production was approaching crude oil production in the North Dakota part of the Bakken formation.