Eagle Ford Producer EOG Resources increased its crude oil production in the play by 62% in the first quarter of 2014 over the same reporting period last year. Portfolio-wide, company officials said total US crude oil and condensate production increased by 45%, with the Eagle Ford contributing the most to production volumes. As of March 31st, 2014, EOG's net Eagle Ford production was 207,000 boe/d.
In the first quarter, EOG entered its third and final phase of its joint venture agreement with ZaZa Energy in the Eaglebine. Plans were accelerated in the fourth quarter of 2013 to move into the second phase, which was a strong indication of the company's confidence from production in the area.
EOG Eagle Ford First Quarter Operations Update
EOG reported an average initial production (IP) rate for five Karnes County wells of 3,757 bbl/d crude oil. The Korth Unit #3H, #4H and #5H had IP rates of 3,140, 3,015 and 3,400 bbl/d, respectively. The Lynch Unit #1H and the Presley Unit #1H had initial oil rates of 4,260 and 4,970 bbl/d, respectively. EOG owns a 100% working interest in these five wells.
EOG also has a 100% working interest in three recently completed high volume oil wells in Gonzales County. The Neets Unit #1H and the Magoulas Unit #1H began production at 4,940 and 4,195 bbl/d, respectively. The Novosad Unit #12HR had an initial daily oil rate of 3,565 bbl/d.
EOG Resources has 632,000 net acres in the Eagle Ford, and in 2013, the company increased its Eagle Ford resource potential 45% to 3.2 billion boe from 2.2 billion boe. Company officials said EOG plans to add 400 million boe of net potential reserves and 735 net drilling locations to its drilling inventory in the Codell, Niobrara, Turner and Parkman plays in the Rockies in the coming years. That's a significant addition, but the Eagle Ford remains the top dog in EOG's portfolio.