EOG to quicken its pace in Eagle Ford shale

By OGJ editors
HOUSTON, Aug. 9 – EOG Resources Inc., Houston, will ramp up its operated rig fleet to 12 at the end of 2010 and 14 in 2011 from five at present as it better understands the South Texas Eagle Ford shale from interpreting 3D seismic along the 120-mile oil trend in which it holds 505,000 net acres.

EOG management said it is still early days in the play, but the Eagle Ford reservoir seems to be working on expansion drive toward 3-4% estimated ultimate recovery. Unresolved are determining optimum spacing, locating wells, areas that will be productive from Upper and Lower Eagle Ford or just one, and other issues.

EOG plans to drill 245 gross Eagle Ford wells in 2011 compared with 111 this year. Even so, the formation will be a large contributor to oil production growth in the second half of 2010, as EOG has drilled and completed 31 wells and has 25 awaiting completion.

Recent company Eagle Ford wells had initial production rates of 1,033, 1,002, and 625 b/d of oil plus rich gas, and the first wells in Wilson County came on at 707 b/d and 836 b/d. EOG has 100% interest in the wells.

EOG raised its 2010 capital expenditure budget by $500 million. Of that, roughly $270 million is for Eagle Ford crude oil related production and midstream facilities the company had previously planned to contract to a third party. EOG laid the change to timing and cost issues.

EOG’s exploration staff is clamoring to test the Austin chalk and Buda formations on the company’s Eagle Ford acreage, said Mark Papa, chairman and chief executive officer. Papa said EOG also sees South Texas production contributions from the Frio and Vicksburg formations.

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