Over the past two years, some 30 companies have moved in to a shale prospect in South Texas called the Eagle Ford that could add 420,000 barrels per day (bpd) to U.S. crude oil production, nearly matching the output of OPEC member Ecuador.
The first phase of this latest boom has accelerated over the past year. Companies have hastened development of the estimated 3 billion barrels of shale oil across Eagle Ford by bringing in the horizontal drilling and hydraulic fracturing techniques that opened up North Dakota.
Where wildcatters and entrepreneurs pounced on the Spindletop boom at the start of the 20th century, engineers and business analysts are leading the charge to develop reserves under 20,000 square miles of cattle land in Eagle Ford.
Source: Reuters
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