Eagle Ford produces billionth barrel

The Eagle Ford shale formation produced its billionth barrel some time last month, analysts at research firm Wood Mackenzie said Thursday.

That production figure includes crude oil and condensate, and more than 70 percent of that production has occurred in the last two years, according to the firm.

The milestone comes at a time when many in the industry have discussed plans to pull back on U.S. shale production, as plummeting crude oil prices is prompting a new period of financial restraint for some producers.

Ratings agency Moody’s, for example, said last month it expects exploration and production companies to cut capital spending budgets by about 20 percent in 2015.

The good news for the Eagle Ford is that many speculate that break-even price for production to remain profitable is around $50 in much of the play. West Texas Intermediate, the U.S. benchmark crude oil price, was about $66.34 per barrel Thursday morning.

Wood Mackenzie projects exploration and production spending of $139.3 billion onshore in the U.S. next year. More money will be directed towards the Eagle Ford — about $30.8 billion — than any other play, according to the firm’s forecasts.

The region has had more than 10,000 completed wells and now accounts for 16 percent of the total U.S. oil production.

PEAK OIL!!!

What a joke it is. They have been trying to scare Americans into slavery for 50 years. When I was a kid I grew up in a coal mining town. My dad was a heavy equipment operator at the mine and he would take me down in the open pit where I would be standing on a bed of coal that was 50' thick and look up the wall of the same pit and above a layer of dirt 20' thick I would see another seam that was 80' thick. I was told that the coal in that field alone could power the US for 500 years. Then I went to the public school in that same time and was told that we would run out of energy in 20 years and that we would freeze to death in the coming ice age.

That was when I became a skeptic and to star believing my own lying eyes.

This is a picture of the Colstrip mine back in 1969, about 5 years before I ever was down in there an saw it with my own eyes:

Here is what is being mined today, after 44 continuous years!:

In the background of the picture above the bucket on that dragline's 325' boom can fit 80 cubic yards. This is what it looks like up close:

To the trolls and liberals who cruise this site I am telling you that you have been lied to! You have to panic the buffalo herd before you run it over the cliff to slaughter for easy meat.

When I was a child my family would travel
Down to Western Kentucky where my parents were born
And there’s a backwards old town that’s often remembered
So many times that my memories are worn

“And daddy won’t you take me back to Muhlenberg County
Down by the green river where paradise lay?”
“Well, I’m sorry my son, but you’re too late in asking
Mister Peabody’s coal train has hauled it away”

Well, sometimes we’d travel right down the Green River
To the abandoned old prison down by Adrie Hill
Where the air smelled like snakes and we’d shoot with our pistols
But empty pop bottles was all we would kill

Then the coal company came with the world’s largest shovel
And they tortured the timber and stripped all the land
Well, they dug for their coal till the land was forsaken
Then they wrote it all down as the progress of man

When I die let my ashes float down the Green River
Let my soul roll on up to the Rochester dam
I’ll be halfway to Heaven with paradise waitin’
Just five miles away from wherever I am

Read more: John Prine - Paradise Lyrics | MetroLyrics

Yes, the layers to extend into Mexico. Pemex really hasn't had any development yet. I understand they are hoping for foreign investment and expertise with their change of allowing foreign investment.

Energy reform in Mexico opens new chapter of Latin America’s turbulent oil history
http://fuelfix.com/blog/2014/11/07/energy-reform-in-mexico-opens-new-chapter-of-latin-americas-turbulent-oil-history/

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