UTSA: Eagle Ford Shale Economic Impact – $87 Billion

Researchers Predict $137 Billion Economic Impact by 2023
Eagle Ford Shale Core Counties

Eagle Ford Shale Core Counties|Click to Enlarge

The Eagle Ford Shale had an economic impact of $87-billion in 2013, according to the University of Texas at San Antonio. That’s up significantly from 2012 when university researchers determined the oilfield had a $61-billion impact.

Read more: Economic Impact of the Eagle Ford Hits $61 Billion in 2012

Estimates of the Eagle Ford’s overall economic impact for the 21-county area included in the study exceeded $137-billion for 2023. That’s much higher than the 2022 forecast of $89-billion reported in the previous report. The basis for this increase researchers say has to do with the exceptional production numbers in the Eagle Ford. This month, the U.S. Energy Information Administration (EIA) predicts the Eagle Ford Shale will produce 1.51-million b/d crude oil. By 2020, consultancy Wood Mackenzie predicts production will rise to 2-million b/d. Advancements in well completions, and practices such as infill drilling will likely have an impact on production as operators continue to apply new and innovative techniques to access Eagle Ford reserves.

Read more: Eagle Ford Production Will Hit 1.5 Million b/d – Sept. 2014

In addition, new manufacturing projects associated with the natural gas renaissance in the U.S., as well as new processing, refining and port facilities are factors driving increases in the economic impact statistics. Just last week, the Environmental Protection Agency (EPA) gave a subsidiary of Conneticut-based Castleton Commodities International the green light for the construction of new petroleum process facilities near Corpus Christi, TX. The price tag for the project is estimated at $500-million.

Read more: EIA Grants Permit for $500 Million Corpus Christi Condensate Splitter

The study calculated the direct economic effects of oil and gas exploration, and “induced” economic activity. Stay tuned to EagleFordShale for further details and analysis of the study.

Read more at iedtexas.org

Eagle Ford Growth Means Opportunity – TED Talk – Video

Be Careful What You Believe As

Tom Tunstall delivered an Eagle Ford presentation at TED San Antonio earlier in the fall.

The Eagle Ford is a major development on a world-wide scale and is providing opportunity for many in South Texas.

Takeaways from the presentation include:

  • Eagle Ford is visible from space like the Great Wall of China
  • Development is happening is what used to be the poorest counties in Texas
  • $61 billion economic impact in 2012
  • Eagle Ford production will surpass 1 million b/d of oil in 2014
  • Be careful what you believe as “Truth”
  • Techniques for capturing shale gas and oil were unveiled by smaller independent operators
  • Sustainable development plans are needed to support growing communities

Small Businesses in the Eagle Ford Getting Help From Local Colleges – Video

Several universities in the region are stepping up to provide solutions to various challenges created by significant economic growth. UTSA has been active through its small business development center and TAMU Kingsville is adding programs to address challenges as well. [Read more…]

Employers Struggle To Fill Open Jobs In South Texas – Video

Jim Wells County Can't Find Enough Officers To Staff A Local Jail

If there is one thing we can say without question, the Eagle Ford has created a job boom across South Texas. A recent UTSA study estimates the oil & gas industry supports over 116,000 jobs across a 20 county area impacted by the play.

It’s great news, but it also means common positions that don’t pay as much have a hard time filling openings. The video below details how hard it has been for Jim Wells County to hire correctional officers. [Read more…]

Eagle Ford Shale Task Force Report

The Task Force Addresses Many Public Concerns
Eagle Ford Shale Task Force Report

Eagle Ford Shale Task Force Report | Click to View Report

The Eagle Ford Task Force met throughout 2011 and 2012 to address concerns and challenges that accompany the growing economy across South Texas.

The group compiled its findings in a report published by the Texas Railroad Commission. The report was overshadowed by UTSA’s Updated Eagle Ford Study not long after its release, but there is still a wealth of information to take away. [Read more…]

UTSA Eagle Ford Study Touts Oil & Gas Benefits

$3 Billion Paid In Royalties in 2012
UTSA Eagle Ford Study

UTSA Eagle Ford Study | Click to Enlarge

The latest report from UTSA that measures the impact of the Eagle Ford in South Texas includes impressive numbers. Tom Tunstall’s group has done a great job keeping us up to date on the magnitude of the South Texas oil and gas boom. [Read more…]