Marathon Oil has increased its total resource estimate for the Eagle Ford from 469 million barrels initially to ~1 billion boe today.
The company will run 18 rigs throughout 2014 in the the Eagle Ford.
In addition, Marathon will pursue developing both the Austin Chalk and Eagle Ford in the area.
Development will look more like what we see operators doing in North Dakota where they target the Bakken and Three Forks from single pads.
In areas prospective for both plays, two wells targeting the Austin Chalk and three wells targeting the Lower Eagle Ford will be drilled from a single pad. Further testing in the first half of 2014 will determine how widely this method of development can be applied.
Capital Budget Focused on Liquids Growth in North America
Marathon Oil will spend $5.9 billion in 2014, with approximately 60% ($3.6 billion) directed at developing liquids-rich assets in North America.
A total of $2.3 billion will be spent in the Eagle Ford to drill 385-405 gross (250-260 net) wells. Almost 90% of the company’s activity is operated. $225 million, which is included in the $2.3 billion, will be spent on pipelines and centralized production tanks (batteries).
Production from the company’s three core resource plays will surpass 175,000 boe/d in 2014, with the Eagle Ford contributing approximately 120,000 boe/d
Read the full press release at marathonoil.com