Texas and Its Plethora Of Oil Plays
Texas is, once again, becoming the hub for oil and gas production and exploration. What turned things around and refocused attention back to Texas? David Fessler gives some information on what sparked this renewed interest, and an update on some of the projects currently happening there. You know the Eagle Ford Shale is going to be mentioned…
The Spindletop Field Discovery: Texas’ First Oil Boom
The discovery of the Spindletop field led to a flood of oil drilling and speculation. That ultimately resulted in even more discoveries, and the Texas oil boom got underway in earnest. Petroleum quickly displaced agriculture and cattle as the primary economic driver of Texas. Personal fortunes were made, and government coffers swelled with cold, hard cash.
Shale Oil Fields Yield Vast Amounts of ‘Texas Tea‘
Recent data for the Foundation for Energy Education shows Texas has 28 of the top 100 oil fields in the United States, as ranked by proven reserves. In 2008, Texas had proven reserves of 4.555 billion barrels.
But that number could turn out to be low — way low. You now see horizontal drilling and fracking techniques – pioneered by the natural gas industry – being applied to shale oilfields in Texas. The results are prompting experts to declare that Texas is on the verge of a second oil boom. This time however, it’s going to come from the state’s vast shale oil fields.
Why Eagle Ford Is the Texas Big Oil Shale Play
The Texas big oil shale play is of course, the Eagle Ford Shale formation. Many players who gained valuable experience in the Bakken have begun to set up operations in the Eagle Ford area.
Players in the Eagle Ford formation include:
- Marathon Oil Corporation (MRO)
- EOG Resources, Inc. (EOG)
- Whiting Petroleum Corporation (WLL)
- Apache Corporation (APA)
- Carrizo Oil and Gas, Inc. (CRZO)
This information is super helpful if you are not super knowledgeable on Texas oil. You now have information on some of the oil plays, companies working there, and how it all began. With some additional due diligence on these companies , you will be set to invest.
Quotes taken from report by David Fessler, Read the entire article here.
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