Eagle Ford Shale in the US, 2011 - Oil Shale Market Analysis and Forecasts to 2020

Sept. 28, 2011 - PRLog -- Since its first drilling activity in 2008, Eagle Ford shale has witnessed rapid developments. Since 2010, mergers, acquisitions and asset transaction deals worth about $15 billion were signed in the Eagle Ford shale plays. This trend is expected to continue in the near-term as some major oil and gas companies plan to invest around $4.6 billion in the play in 2011.

Few key deals undertaken in the Eagle Ford shale include a joint venture of Statoil and Talisman Energy; Anadarko’s $1.5 billion joint venture with KNOC and Reliance Energy’s purchase of acreage from Pioneer Natural Resources for $1.3 billion. Such deals indicate high levels of interest of oil and gas companies to invest in this shale play.

With sustained, high, global crude prices, investments in unconventional oil resources are on the rise. Eagle Ford shale, with high unconventional oil reserve, has emerged as one of the prominent investment areas for companies looking for investment in liquid shale plays.

The Eagle Ford shale play is expected to witness increased activity from major global oil and gas companies in the future. This is reflected by the increase in drilling activities and surging drilling permits in this area.

By June 2011, Texas Rail Road Commission (RRC) had issued a total of 2,371 drilling permits in the Eagle Ford shale play. Of the total permits issued by Texas RRC, 26 drilling permits were issued in 2008, 94 were issued in 2009, 1,010 permits were issued in 2010, and 1,241 were issued between January 2011 to June, 2011. Besides, around 239 oil drilling permits and 287 gas drilling permits were on schedule with the commission. Chesapeake Operating Inc., EOG Resources, Inc., Burlington Resources O & G Co LP, Pioneer Natural Res. USA, Inc. and Petrohawk Operating Company are the key companies in terms of the number of permits obtained.

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GlobalData’s new report ‘Eagle Ford Shale in the US, 2011 - Oil Shale Market Analysis and Forecasts to 2020’ analyzes the recent activities in the Eagle Ford shale play in the US. The report details the drilling activity in the play by analyzing the permits issued in Eagle Ford shale by period, county and also by major operators. It also provides the well costs and acreage costs. The report gives the major players in the shale play in terms of acreage and production. It also details the expected production from the shale play by 2020. The report details the major recent M&A activities in the play and provides the future plans of major companies involved in the Eagle Ford shale play.

The Eagle Ford shale formation, measuring about 50 miles wide and 400 miles long, spans across Texas - from the Mexican border to East Texas. The shale play has gained significant importance due to the possibility of its containing one of the largest shale reserves of oil and gas in the US. The average thickness of the play is about 250 feet (ft) at depths of 4,000 to 12,000 ft. The shale play lies between the Austin Chalk and the Buda Lime formations.

Eagle Ford Shale witnessed its first activity in 2008 when Petrohawk Energy Corporation drilled its first well in the play and discovered the Hawkville Field. The initial discovery resulted in a well that flowed at a rate of 7.6 MMcf per day of gas. Since then, the play has been witnessing increasing enthusiasm and participation from investors.

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