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"Eagle Ford: "Hundreds of Billions Worth of Oil and Gas"
New seismic technologies allowed prospectors to find liquid hydrocarbons in shales, even though the plays are deep and narrow – 12,000 feet down and usually only a few hundred feet thick. To efficiently drill these finds requires so-called "horizontal drilling," where rigs first must bore down to the oilfield and then veer sideways through it. The combination of these new technologies is releasing huge amounts of liquid hydrocarbons in the Eagle Ford.
Consider just one company's recent results. On April 7, EOG Resources announced drilling results from 16 test wells drilled across a 120-mile trend. Yes, that's right – a 120-mile trend. Based on the initial results and a core analysis, EOG believes it will produce 900 million barrels of crude from these wells over the next decade.
Mark Papa, EOG's CEO, says of the discovery: "We believe the South Texas Eagle Ford horizontal crude oil play will prove to one of the most significant United States oil discoveries in the past 40 years." _DailyWealth
Eagle Ford, a new shale oil discovery in South Texas, looks as if it may prove to be quite exceptional. Besides being a rich field of shale gas, Eagle Ford is one of the rare shale gas fields to also contain significant liquid hydrocarbon.
You need to understand one critical thing about the Eagle Ford play in South Texas: It holds liquid hydrocarbons, not just gas. And there's a lot of liquid in it, not just a little.
So-called "condensate" is the holy grail of the natural gas business. It refers to the amount of liquid (think butane) that's mixed in with the gas that's trapped in "tight" shales.
Shale gas plays have been the driving force in the onshore oil and gas business for the last decade. You might even have heard of some of the big fields by now: Barnett, Fayetteville, Haynesville, and Marcellus.
Shale plays are big, rich resources... but they normally hold only a little condensate. Eagle Ford is proving to be a notable exception – it is rich in condensate. More information about the size of the field and the volumes of condensate and gas is coming out almost every day now, and the numbers get better and better.
A year ago, only a dozen drilling rigs were working across the entire play, which stretches across more than 30 counties. Today, more than 50 rigs are drilling well after well.
Judging by the pace of the drilling and the production rates of each new well, these 50 drilling rigs should allow production to grow to nearly 40,000 barrels of oil per day within the next 24 months. That's roughly $1 billion worth of oil per year at current prices.
Keep in mind... this is just from the handful of rigs working Eagle Ford in 2009. Those estimates don't include the value of the gas that will also be produced. And those estimates don't take into account the hundreds of additional rigs that will be put to work. Oil production is going to ramp up quickly.
I expect Eagle Ford to yield more than $2 billion in oil and gas by 2013 and to increase steadily for at least 20 years. These numbers mean Eagle Ford will probably produce hundreds of billions worth of oil and gas over the next 30-40 years. _DailyWealth
It is growing increasingly clear that the Obama administration is not serious about the development of domestic hydrocarbon resources. This lack of seriousness on the part of the nation's government puts the US at a serious disadvantage -- and makes America increasingly vulnerable to foreign oil producers, often state supporters of terrorism.
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We have also identified 48 other wells, ten that are producing and 34 that have been shut in but have seismic or other data indicating that they are favorable candidates for recompletion and workover. We hope to acquire these potential assets in the next twelve months.
We presently use Lucas Energy, Inc. as operator to conduct field operations. This allows us to pursue our business plan without the overhead costs of employees, and the logistical concerns of scheduling, insurance, and human resources. Lucas Energy, Inc. is a working interest partner in the Ali-O, Rozella Kifer and Zavadil and conducts all of the field operations associated with these three wells, including drilling, pumping, and transporting to our customers. Our agreement with Lucas Energy, Inc. is by operating agreement. The Glass 59 #2 Well is operated by Bright & Co.
Currently, we sell all of the oil we produce to Gulfmark Energy, an oil broker who in turn sells oil to Royal Dutch Shell, one of the world’s largest oil companies. The price at which they purchase our oil is based upon the previous month’s open market crude oil prices, and is reset monthly accordingly. Thus, while we are susceptible to large trends in crude oil prices, we are not vulnerable to daily fluctuations.
Our offices are located at 11200 Westheimer, Suite 900, Houston TX 77042.
Oil Drilling
The creation and life of a well can be divided up into five segments: Planning, Drilling, Completion, Production, and Abandonment.
Planning
Geologists use seismic surveys to search for geological structures that may form oil reservoirs. The classic method includes making underground explosion nearby and observing the seismic response that provides information about the geological structures underground. However, passive methods that extract information from naturally-occurring seismic waves are also utilized. Other instruments such as gravimeters and magnetometers are also sometimes used in the search for petroleum. When extracting crude oil, it normally starts by drilling wells into the underground reservoir. When an oil well has been tapped, a geologist, known on the rig as the "mudlogger," will note its presence. Historically, in the U.S., some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been used up, except certain places in Alaska. Often many wells, called multilateral wells, are drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, secondary wells may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and so maintain an economic extraction rate.
Gonzales County belongs to the Eagle Ford Shale Formation:
"EOG Resources Reports Eagle Ford Shale Completions In Gonzales County
EOG Resources (EOG) reported the completion of several Eagle Ford Shale wells in Gonzales County, Texas.
rate of 1,658 barrels of oil per day, and has an estimated ultimate recovery (EUR) of 520,000 barrels oil equivalent (BOE).
The Marshall 3H produced at an initial production rate of 1,492 barrels of oil per day, and has an estimated ultimate recovery (EUR) of 348,000 BOE.
The Marshall 5H produced at an initial production rate of 703 barrels of oil per day, and has an estimated ultimate recovery (EUR) of 489,000 BOE.
EOG Resources said that these wells were all located in the oil window of the Eagle Ford Shale.