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Texas oil production moving up in world ranking

April 24, 2014 By Michael Stuart

Eagle Ford Shale Texas oil production will reach over three million barrels per day, and by the end of this year, Texas’ oil production could exceed the output of every OPEC country but Saudi Arabia.

Schematic E-W section showing the Eagle Ford S...
Schematic section showing the Eagle Ford Shale

The state’s production, driven mainly by the Eagle Ford Shale in South Texas and the Permian Basin in West Texas, will reach about 3.4 million barrels per day, propelling Texas past Iraq and Iran, said Greg Leveille of ConocoPhillips.

Among non-OPEC countries, only Russia, the United States as a whole, China and Canada would exceed Texas’ oil production, making the state the world’s sixth-largest producer.

“This is the greatest comeback story you can possibly imagine,” Leveille said at the Eagle Ford Consortium conference in San Antonio.

  • Leveille said the high crude oil content of the Eagle Ford and the high level of returns that Houston-based ConocoPhillips and other operators are seeing mean it has the greatest potential of all U.S. shale fields.
  • “The Eagle Ford is by far the most important unconventional reservoir play in North America today,” Leveille said.

“We want to talk about the boom without having a bust.” Leveille said the region will see “decades and decades of production.”

  • “What you’re seeing unfold in the Eagle Ford is probably the greatest energy success story we will see in the 21st century,” Leveille said.
  • The Texas Alliance of Energy Producers’ estimates are slightly less optimistic than Leveille’s, but also point to surging production.
  • The industry group estimates the state’s crude oil production rose to 2.7 million barrels per day by the end of 2013 and will cross the 3 million mark before year’s end.

South Texas is transforming alongside the Eagle Ford – a formation that everyone in the industry knew was there all along, but could never tap. Drillers used to talk about getting gas “kicks” while drilling through the shale.

Source: Texas oil production moving up in world ranking
Related articles
  • Texas Produces More Oil Than 11 OPEC Nations (drudge.com)
  • This Texas Oil Play Keeps Getting Bigger (dailyfinance.com)
  • ConocoPhillips projects Eagle Ford growth and more (bizjournals.com)

Filed Under: Eagle Ford Shale, Oil Gas Tagged With: eagle ford shale, energy

About Michael Stuart

Mike's experience in the technology industry is quite extensive, serving both as a designer of complex enterprise applications and as a corporate executive. In his previous life, Mike was founder and CEO of AssetWorks Inc. the industry leader in facility management solutions. Currently living on the Texas coast helping with digital strategies using Amplified Content Marketing.

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