The Eagle Ford shale in South Texas has produced more than 1 billion bbl of crude oil and condensate, energy consultant Wood Mackenzie Ltd. estimated, adding that the Eagle Ford has produced more than 70% of that total during the last 2 years.
WoodMac forecasts the Eagle Ford will produce 2.8 million boe/d in 2015. Analysts forecast capital expenditure of $30.8 billion for the Eagle Ford shale during 2015 compared with WoodMac’s forecast for $16.7 billion to be spent on the Bakken formation in North Dakota and Montana next year.
Analysts said the Eagle Ford currently accounts for 16% of US oil production. More than half of the Eagle Ford’s production comes from 10% of its 20,000 sq miles, WoodMac said.
WoodMac said the Eagle Ford play was the third-fastest to have produced 1 billion bbl, trailing the Alaska North Slope and the Ghawar field in Saudi Arabia. Production contributing to the Eagle Ford 1-billion-bbl mark started in 2008, WoodMac said.