The Eagle Ford Shale, which stretches across 26 counties in South Texas, has passed the 1 billion-barrel mark, as reported by the San Antonio Express-News:
The South Texas field hit the milestone in November, and the frenetic pace of recent drilling activity shows in the numbers: 70 percent of that billion barrels was pumped in the last two years, according to the firm.
Even with oil prices around $66 — down from more than $100 per barrel over the summer — the Eagle Ford is expected to attract more energy industry investment than any other U.S. shale field. Next year, Wood Mackenzie expects firms to spend $30.8 billion dollars in the Eagle Ford, nearly twice the $16.7 billion that will be spent in the Bakken Shale in North Dakota.
Texas is the top state for energy production in the nation and the ninth largest oil producer in the world. The success of the Eagle Ford Shale means more Texas energy jobs and continued economic growth in the region.
Governor-elect Greg Abbott’s “Working Texans” supports Texas energy production and development, promoting future growth. Read the plan here.