Consulting group Wood Mackenzie said there's "excitement" growing around the Eagle Ford shale play in Texas. Callan McMahon, an upstream research analyst for the consultant, said capital investment there could top the $116 billion expected for Kashagan, one of the largest oil fields in the world, with as much as 16 billion barrels of estimated commercial reserves.
"In terms of overall investment, from 2012 through 2015, Wood Mackenzie expects capital expenditure in the Eagle Ford to surpass the projected capital expenditure of the entire Kashagan project in Kazakhstan, the world's most expensive standalone energy project," stated McMahon.
Marathon Oil and Andarko Petroleum this week said they planned to invest heavily in Eagle Ford next year. Marathon said it expected to produce as much as 85,000 barrels of oil equivalent per day from the play in 2013.
The Houston Chronicle this week reported that Eagle Field yielded 40,000 boe during the third quarter of the year, twice the volume produced from the previous quarter.
2014: The Year in Fashion [PHOTOS]
EIA: Russia diversifying energy production