There are at least 10 shale plays with production potential in Texas. Right now, only a few of them are being tapped. Even so, Texas oil production is on a tear, producing 2.139 million barrels a day last November. That breaks a 25-year record.
Can “Saudi Texas” Really Live Up to Its Name?
To begin to answer that question, let’s take a look at the latest report from the University of Texas-San Antonio It measured the economic impact Eagle Ford shale oil production has had on Texas.
2012 economic impact from the Eagle Ford was $61 billion, making the Eagle Ford the biggest oil and gas development on Earth. The U.S. Geological Survey has estimated the Eagle Ford recoverable reserves at 10 billion barrels of oil, To put that in perspective, that’s 2 1/2 times North Dakota’s Bakken shale.