Eagle Ford production up 49 percent in August

Bloomberg:

EOG Resources Inc. (EOG) and other companies produced 49 percent more oil from the Eagle Ford shale formation in southern Texas in August than during the same month last year.

The nine fields making up the majority of the Eagle Ford yielded 664,088 barrels of crude a day, according to preliminary data from the Texas Railroad Commission, which oversees oil and gas drilling in the state. The fields yielded 446,372 barrels a day in August 2012.

July output was revised to 672,952 barrels a day from the preliminary report of 569,191, the commission said. Production totals typically increase in subsequent months as the state receives revised, corrected or late reports.

The Port of Corpus Christi, to which much of the Eagle Ford crude is shipped by pipeline, moved out 367,535 barrels of oil a day in August, up 91 percent from the same month in 2012.

The Louisiana Offshore Oil Port, the largest waterborne petroleum import terminal in the U.S., received 139,953 barrels of oil a day from Texas in July, according to the state Department of Natural Resources. LOOP received its first tanker of domestic crude in August 2012 after making modifications to one of its three offshore buoys to allow receipts from smaller domestic vessels, such as those carrying Eagle Ford crude.

Growing production from the Eagle Ford is helping fuel a renaissance in Texas oil. The stateproduced 2.63 million barrels a day in July, the most since February 1981, according to the Energy Information Administration, the statistical arm of the Energy Department. The EIA hasn’t released July production data for the state.
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The drillers are becoming more efficient in extracting oil from each well and they are having great success with each new well.   The Corpus Christi terminal is creating a need for more domestic tankers to carry this oil to market.