The total volume of recoverable oil has been estimated at 250 billion barrels. A more conservative estimate is 17 billion barrels. A conservative estimate is based upon what we can recover NOW, given the technology at our disposal.
The Eagle Ford Shale has been estimated as high as 25 billion barrels of currently recoverable oil.
Whether that estimate is correct or not, the Eagle Ford Shale is already set to eclipse Bakken as the biggest oil-producing area in the United States:
Key findings include:Every time an environmentalist says we will run out of oil, we find another few billion barrels. After having guzzled oil like drunken sailors for over a century, we have more known oil reserves than at any time in history.
- Operators started drilling 856 new wells in January-March 2012 compared to 407 in January-March 2011.
- In early April 2012, the Eagle Ford active rig count set a new high of 217 units.
- Increased drilling translated into higher crude oil production, which is projected to average over 500,000 barrels per day (bbl/d) in April, up from 182,000 bbl/d in April 2011, an increase of 175% in just one year.
- Current Eagle Ford area natural gas production is about two billion cubic feet per day.
- Horizontal wells accounted for nearly all of the new well starts so far in 2012.
- Bentek estimates that in March 2012, Eagle Ford crude oil production was approaching crude oil production in the North Dakota part of the Bakken formation.
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