Eagle Ford

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  1. Argentina seeking increased natural gas production from shale resources to reduce imports

    Source: U.S. Energy Information Administration, based on Cedigaz   Despite its estimated 802 trillion cubic feet (Tcf) of unproved, technically recoverable shale gas resources, Argentina’s dry natural gas production declined each year from 2006 to 2014, and the country has shifted from a net exporter of natural gas to a net importer. In 2015, natural gas production increased for the first time since 2006, as ongoing efforts to increase production from key shale gas areas in Argentina aimed to reduce its imports of natural gas. Once one of the largest natural gas exporters in South America, Argentina was a net importer of natural gas by 2008. Imports, which accounted for 23% of Argentina’s natural gas consumption in 2015, came by pipeline from countries such as Bolivia and, to a lesser extent, as liquefied natural gas (LNG) from sources such as Trinidad and Tobago. The Argentinian government hopes to stop importing LNG by 2022. Argentina is the third country in the world, after the United States and Canada, to commercially develop tight oil and shale gas. Argentina’s Vaca Muerta formation within the Neuquen Basin has an estimated 308 Tcf of technically recoverable shale gas resources. Vaca Muerta’s geologic properties have been compared to the Eagle Ford play near the Gulf of Mexico in Texas in terms of its depth, thickness, pressure, and mineral composition. Source: U.S. Energy Information Administration and Advanced Resources International, Inc., World Shale Gas and Shale Oil Resource Assessment Note: Click to enlarge .   More than 588 vertical and horizontal shale wells have been drilled and completed in the Vaca Muerta shale play since 2010. According to the Argentine Ministry of Energy and Mines, shale gas production reached 64.6 billion cubic feet (Bcf) at the end of 2015. Argentina's national oil company, Yacimientos Petroleiferos Fiscales (YPF), the most active operator in the Vaca Muerta shale play, has initiated joint venture pilot project agreements with partners such as Chevron , Dow Chemical, and Petronas to further develop the play. Although Vaca Muerta may have similar geologic properties to the Eagle Ford play in the United States, the production history of the Eagle Ford may be difficult to replicate in Argentina. From 2010 to 2013, more than 10,000 wells were drilled in the Eagle Ford, and average inital production per well nearly tripled over that period. However, since 2014, the decline in world oil prices has resulted in lower upstream capital expenditures as operators prioritize their spending. While drilling costs in Argentina have declined, they are still higher than YPF’s target costs. The average drilling and completion cost of a horizontal well in Vaca Muerta was estimated to be $11.2 million as of 2015, compared to $6.5 million to $7.8 million in the Eagle Ford. Ultimately, the economic competitiveness of Argentina's indigenous shale gas resources will depend on the costs of domestic drilling and completion and the productivity of newly drilled wells. Although Argentina has an established energy industry, the current oil and gas sector is relatively small. The highest active rig count in Argentina in recent years was 110 for its nonshale oil and gas production, compared to more than 230 dedicated shale rigs in the Eagle Ford alone in 2013. Argentina has relatively high labor and imported equipment costs, shortages of specialized shale rigs, and limited proppant capacity—factors likely to hinder efforts to quickly increase production. Principal contributors: Jesse Esparza, Faouzi Aloulou, Andrew Estes

    Online Articles

    Online Articles

    Sat, 11 Feb 2017

  2. Tight oil expected to make up most of U.S. oil production increase through 2040

    U.S. production of tight oil has increased significantly since 2010, driven by technological improvements that have reduced drilling costs and improved drilling efficiency in major shale plays such as the Bakken, Eagle Ford , and the Permian Basin.

    Online Articles

    Online Articles

    Tue, 14 Feb 2017

  3. 1Derrick US M&A weekly update

    1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of January 23rd to January 27 th .

    Online Articles

    Online Articles

    Mon, 30 Jan 2017

  4. Anadarko sells Eagle Ford assets to Sanchez Energy for $2.3B

    Anadarko Petroleum has agreed to sell its Eagle Ford Shale assets in South Texas for approximately $2.3 billion to Sanchez Energy and Blackstone Group LP.

    Online Articles

    Online Articles

    Fri, 13 Jan 2017

  1. Sanchez, Blackstone team to buy Anadarko Eagle Ford acreage for $2.3 billion

    Online Articles

    Online Articles

    Fri, 13 Jan 2017

  2. SM Energy to sell non-operated Eagle Ford assets for $800M

    SM Energy Co. has agreed to third party operated assets in the Eagle Ford to Venado Oil and Gas LLC, an affiliate of KKR, for $800 million.

    Online Articles

    Online Articles

    Tue, 3 Jan 2017

  3. KKR, Venado form Eagle Ford oil and gas investment partnership

    KKR and Venado Oil and Gas LLC have partnered to consolidate assets in the Eagle Ford Shale.  

    Online Articles

    Online Articles

    Thu, 29 Sep 2016

  4. Energy Hunter Resources completes initial private placement, acquires Eagle Ford acreage

    Energy Hunter Resources Inc., an oil-focused energy company headquartered in Dallas, Texas, has completed a private placement of 3,150,000 shares of its common stock and used proceeds to acquire acreage blocks in the Eagle Ford shale.

    Online Articles

    Online Articles

    Thu, 14 Jul 2016

  5. Eagle Ford rig count decreases 70% from previous year levels

    The Eagle Ford rig count has decreased 70% from year-ago numbers, according to Baker Hughes data released Feb. 26, which shows that there are 47 drilling rigs still working in this shale play compared to 157 at this same time in 2015. The data also revealed that the number of active rigs in the ...

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    Mon, 29 Feb 2016

  6. Report: Production in Bakken, Eagle Ford drops slightly in January

    Production in the Eagle Ford and Bakken shale plays dropped slightly in January vs. December 2015, according to Platts Bentek, an analytics and forecasting unit of Platts.

    Online Articles

    Online Articles

    Mon, 7 Mar 2016

  7. Plains All American to expand Permian Basin crude takeaway capacity

    Plains All American Pipeline LP is expanding the capacity on its Cactus pipeline from McCamey to Gardendale, Texas to approximately 390,000 barrels per day.

    Online Articles

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    Thu, 19 Jan 2017

  8. Hawkwood acquiring Halcon’s E. Texas assets

    Hawkwood Energy LLC, Denver, has reached a definitive agreement for a wholly owned subsidiary to acquire oil and gas properties in East Texas from subsidiaries of Halcon Resources Corp. for $500 million as the seller shifts its focus to the Delaware basin of West Texas.

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    Thu, 26 Jan 2017

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