Eagle Ford Production Reaches 1 Billion Barrels and OPEC Assaults US Shale Oil
By Randy Watson
OPEC’s recent decision to not cut production was a direct assault on U.S. shale production, but its not likely to stop the U.S. shale boom.
Across the board, U.S. shale production growth will slow at lower prices in 2015, but is still expected to remain high.
In the Middle East, production costs are less than $30 per barrel on average, according to the Norwegian firm Rystad Energy. OPEC is betting as prices fall, higher relative costs for U.S. shale production, will put the brakes on growth. But in certain “sweet spot” areas for drilling in the Eagle Ford and Bakken Shale in North Dakota, new wells can be drilled profitably, even if crude falls to $25 per barrel, according to ITG Investment Research Inc., cited in a recent Bloomberg article. Read More
One billion barrels of oil have officially been produced from the Eagle Ford shale formation.
More than 70 percent of the production from the shale has occurred during the last two years alone, according to the Houston Chronicle. Read More
For more information visit nobullradio.com This is Randy Watson reporting the Eagle Ford Minute for the No Bull Radio Network.