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Friday, December 5, 2014

Eagle Ford Produces Its One-Billionth Bbl Of Oil; Most Of It In The Past Two Years -- December 5, 2014

Rigzone: Eagle Ford produces one billionth barrel of oil, the majority produced within the past two years.

Meanwhile, through December, 2013, according to the NDIC:
  • Bakken: 831,017,850 bbls
  • Bakken/Three Forks: 3,590,399 bbls
  • Three Forks: 147,747 bbls
  • Sanish: 22,539,246 bbls
  • Lodgepole/Bakken: 5,883 bbls
Total: 857,301,125 bbls  

From the linked Rigzone article above:
Today, the Eagle Ford accounts for approximately 16 percent of total U.S. daily oil production.
In 2015, 2.8 million barrels of oil equivalent per day of production is expected from the Eagle Ford, and the largest share of U.S. Lower 48 spending next year will be in the Eagle Ford with $30.8 billion.
A couple of factors have allowed operators to reach one billion barrels in cumulative production over the past seven years.
One is the geology of the Eagle Ford, which offers tremendous potential in terms of productivity per well in the play’s core. The other factor is the learning curve of experience that operators have gained in working in other shale plays such as the Barnett play in North Texas and the Bakken play in North Dakota.
North Dakota accounts for 13% of the US oil production. 

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