Texas drilling permits are down, but there are many signs things are looking up for the Eagle Ford.
Related: Eagle Ford Shale Play Still Holds Great ValueThe
Texas Railroad Commission announced it issued 673 original drilling permits in November 2016 compared, a drop from the 687 issued in November 2015. This total includes:
- 581 permits to drill new oil or gas wells
- 10 to re-enter plugged well bores and 82 for re-completions of existing well bores
- 145 for oil
- 38 for gas
- 449 for oil or gas
- 36 for injection
Total well completions for 2016 were 9,923, almost half of what they were a year ago (18,510).
Much has changed in the oil and gas industry over the past two years, but the Eagle Ford Shale Play still holds great value for investors and operators.
- Researchers from the UT’s Bureau of Economic Geology say that the 400-mile field has seen just a fraction of its ultimate activity and their new study predicts that another 100,000 wells can still be drilled.
- Eagle Ford operators are reducing costs and cycle time and improving recoveries
- The Eagle Ford Shale rig count has grown steadily from 39 in October to 53 rigs running across our coverage area by midday Friday.