The success of the Eagle Ford Shale
In less than three years of development, the Eagle Ford Shale already accounts for over 6% of the Gross Regional Product for the 24-county South Texas area it encompasses, according to a study released today by the Centre for Community and Business Research at the University of Texas at San Antonio Institute for Economic Development.
"The Eagle Ford Shale may be one of the largest onshore natural gas and oil discoveries in the past half century," said Dominique Halaby, the centre's Director. "In 2010 alone, this newest of the Texas shale plays generated close to US$ 2.9 billion in revenue, supported approximately 12 600 full-time jobs in the area, and provided nearly US$ 47.6 million in local government revenue."
The benefits are projected to grow even more significantly over the next 10 years. By 2020, the study forecasts that close to 5000 new wells will be drilled in the Eagle Ford Shale, a conservative estimate considering current speculation that as many as 1000 wells per year could be drilled. Under this conservative case, Eagle Ford development is forecast to generate more than US$ 21.5 billion in total annual economic output and support roughly 68 000 full-time jobs in the area by 2020.
"The findings from this study underscore how developing these abundant and sustainable resources is bringing enormous economic opportunity and revitalising whole communities in South Texas, as well as nationwide," said David Blackmon, the Texas Chairman of America's Natural Gas Alliance, which commissioned the study. "ANGA producers are committed to working with South Texas communities to ensure they are in the most advantageous position possible to maximise these significant revenue and job opportunities," Blackmon said.
Eagle Ford produces abundant supplies of clean natural gas, as well as condensate, oil, and natural gas liquids; and margins are more favorable than in many other shale plays. The study notes that because of the potential of the play, the impact on jobs and local economies will be both transformative and sustainable over the long term. The study estimates that Eagle Ford Shale development will provide substantial revenue to fund training for a local workforce, new school construction in the region and other community improvements.
Read the article online at: https://www.worldpipelines.com/business-news/25022011/the_success_of_the_eagle_ford_shale/
You might also like
World Pipelines Podcast: UK pipeline perspectives
In this episode, we look at the work of the Pipeline Industries Guild, in facilitating connections and learning for pipeliners of all kinds in the UK.
Apollo to partner with bp on TANAP gas pipeline
bp and Apollo have announced that they have reached agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP) Ltd – bp TANAP – the bp subsidiary that holds bp’s 12% interest in TANAP, owner and operator of the pipeline that carries natural gas from Azerbaijan across Türkiye.
