Oil production up 58 % in Eagle Ford
Bloomberg:
Oil production in Texas’s Eagle Ford shale formation rose 58 percent in May from the prior year.While the Eagle Ford continues to show increased production, there is even greater potential production in the Cline formation in West Texas near the Permian basin. Much of the Eagle Ford production is moving through the port of Corpus Christi because of a lack of pipelines to get it to production facilities near Houston.
The nine fields that make up the majority of Eagle Ford yielded 581,923 barrels of crude a day, according to preliminary data released by the Texas Railroad Commission, which oversees oil and gas drilling in the state. The fields produced 368,770 barrels daily in May 2012.
February output was revised to 574,032 barrels a day from the preliminary report of 530,689, the commission said. Production totals typically increase in subsequent months as the state receives revised, corrected or late reports.
Growing production out of Eagle Ford is helping fuel a renaissance in Texas crude. The state produced a total of 2.45 million barrels a day in April, the highest monthly level since April 1985, according to the Energy Information Administration, the statistical arm of the Energy Department. The EIA hasn’t released May production data for the state.
...
Comments
Post a Comment