The Eagle Ford shale produced its billionth barrel of oil in November, according to data from Wood Mackenzie. More than 70% of that production has occurred in the past two years. The Eagle Ford now accounts for 16% of total daily U.S. oil production.
Companies will spend more in the Eagle Ford than any other key shale play in the U.S. in 2015. Projected Eagle Ford capex of $30.8 billion is nearly twice that of the next highest — the Bakken shale — where companies are expected to spend $17 billion.
The Eagle Ford’s billion-barrel milestone took only seven years. By comparison, it took more than 20 years to produce that amount in the deepwater U.S. Gulf of Mexico and nearly 15 years to break a billion in deepwater Brazil. Only Saudi Arabia’s Ghawar field and Alaska’s North Slope reached the milestone faster.
Wood Mackenzie’s full findings are available in an infographic.
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