Eagle Ford shale play activity in 2012 had an economic impact of $46 billion and supported over 86,000 jobs in the 14-county area in South Texas where Eagle Ford activity is more active, counties in South Texas, according to a report from UTSA's Center for Community and Business Research (CCBR).
The new study includes a 2012 update of direct, indirect and induced economic impacts by county in the 14-county and 20-county regions of the Eagle Ford shale. The report also provides a more comprehensive analysis of the economic impact in the Eagle Ford in regards to construction projects completed in 2012, crude oil transportation infrastructure, impacts on Texas Gulf Coast, impacts on Texas high education, innovations and advancements in natural gas applications, increases in county sales taxes, and pipeline construction costs.
The Eagle Ford shale's economic impact on South Texas in 2022 is estimated to grow to over $61 billion and support 89,000 jobs, according to the CCBR's latest study. The latest study released by CCBR focuses specifically on the impacts of 14 counties that are most active in the Eagle Ford play. These include Atascosa, Bee, DeWitt, Dimmit, Frio Gonzales, Karnes, La Salle, Live Oak, Maverick, McMullen, Webb, Wilson and Zavala.And, second, the Canadian oil sands:
Canada is being proactive in their recruiting efforts by searching the globe to fill much-needed positions in the oil and gas industry. The rapid expansion of oil sands production has made oil critical to the Canadian economy and with more than $100 billion invested in oil sands over the past 10 years, economic and political power has shifted westward to Alberta. It is estimated that production is connected to 75,000 jobs nationwide, and this number is expected to increase over the next 25 years.
The Canadian Association of Petroleum Producers estimates that Canada's current production of 3.2 million barrels of oil a day will reach 6.2 million barrels a day by 2030, with oil sands representing majority of this output. Additionally, it is estimated that $283.4 billion will be spent on the development of new oil sands projects by 2035, noted the Conference Board of Canada. With an increase in production, the demand for skilled employees surges.
Essentially, conventional oil and gas producers need additional workforce to produce a barrel of oil or a cubic foot of gas today compared to 10 years ago. Canada's oil and gas industry will need to fill a minimum of 9,500 jobs by 2015, according to a report released by the Petroleum Human Resources Council of Canada.