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Texas study suggests Eagle Ford bonanza

March 28, 2013 at 7:41 AM   |   Comments

SAN ANTONIO, March 28 (UPI) -- Drilling and production activity in the Eagle Ford shale area could produce more than $60 billion worth of output by 2021, a Texas university study says.

The University of Texas at San Antonio's Institute for Economic Development examined the economic development in 14 counties in south Texas that hold Eagle Ford shale.

The report said that, by 2021, the shale play could produce around $62 billion in output, support more than 80,000 full-time jobs and add about $1.6 billion to state revenues.

The U.S. Energy Department, in its assessment in October, reported that shale developments in Texas pushed daily oil production to more than 2.1 million barrels for the first time in 25 years.

The Texas Railroad Commission, the state energy regulator, reported that more than 358,000 barrels per day came from the Eagle Ford play in December.

The Texas university report said the 14 counties hosting the Eagle Ford shale received about $1.2 billion in sales tax from development during the fourth quarter of 2011, nearly twice the 2009 figures year-on-year.

"This is significantly higher than the 21.7 percent change in sales tax collection by the state of Texas during the same period, almost double that percentage," the report said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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