The Eagle Ford Shale rig count increased by two to 271 rigs running across our coverage area by the end of last week.
In recent Eagle Ford news, the oil and gas research and consulting firm Wood Mackenzie predicts the Eagle Ford will reach two-million b/d of crude and condensate production by 2020.
The U.S. rig count increased by nine to 1,860 rigs running by the end of last week. A total of 320 rigs were targeting natural gas (six less than the previous week) and 1,536 were targeting oil in the U.S. (flat from the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 896 or ~48% of rigs active in the U.S. were running in Texas.
Baker Hughes rig count is quoted here. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (214 rigs). The rig count published on EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table near the bottom of this article.
Eagle Ford Oil & Gas Rigs
The natural gas rig count increased by four to 15 rigs running by the end of last week. Average rig counts for natural gas production in 2012 were around 82 and then dropped to around 41 in 2013. Natural gas prices stayed relatively flat from the previous week at $4.72/mmbtu on Friday afternoon.
The oil rig count decreased by two to 256 rigs running by the end of last week. WTI oil prices stayed relatively flat from the previous week, trading at $102.85/bbl on Friday afternoon. Eagle Ford light crude traded at $99.25/bbl on June 6th.
A total of 238 rigs are drilling horizontal wells, 13 rigs are drilling directional wells, and 20 rigs are drilling vertical wells. Karnes, La Salle, De Witt, Dimmit and Webb counties each have at minimum 25 rigs running. De Witt County has the highest rig count this week at 31. See the full list below in the Eagle Ford Shale Drilling by County below
South Texas Oil & Gas News:
- Marathon Oil Sells Norwegian Business to Focus on U.S. Assets
- Eagle Ford Rate of Return Higher than Other U.S. Shale Plays
- WoodMac: Eagle Ford to Hit Two-Million b/d Mark by 2020
- Devon Subsidiary Constructing New Eagle Ford Oil Pipeline
Eagle Ford Shale Drilling by Count
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What is the Rig Count?
The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co’s (Schlumberger) Smith Rig Count.
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