Breitling Oil and Gas Texas and California Morning Podcast #344

Here is an update on the oil and gas industry.

The Texas Eagle Ford Shale production will jump 50 percent this year, hitting an average 844,000 barrels per day And despite slumping natural gas prices, the northeast United States will double gas production by 2020

The Northeast shales have not experienced sharp gas drilling reductions due to low cost of development and we estimate that $150 billion will be spent this year on developing onshore North American oil and natural gas. Tight oil will account for more than 40 percent of that spending

That heavy investment will push tight oil production to more than 5 million barrels per day by 2019, with more than half of those barrels coming from the Eagle Ford Shale in South Texas and the Bakken Shale in North Dakota and Montana.

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