BP’s Eagle Ford acreage position has swelled to 450,000 net acres, with potential reserves of 6 trillion cubic feet of gas equivalent or 1 billion barrels of oil equivalent. That’s a big jump from the rumored 100,000+ acres the company was thought to have just a little over a year ago.
The company acquired its position over the past two years through multiple deals that also involved its operating partner Lewis Energy. Lewis has 10 rigs active across the area and with higher natural gas prices the companies would probably be doing much more. Approximately half of the company’s acreage is situated in the dry-gas window of the play.
This will be an interesting development to watch. BP and Lewis have committed significant capital to the area and the gas-condensate portion of the acreage provides development opportunity for BP in an onshore U.S. portfolio that is very much dry-gas weighted.