A study published in March by the University of Texas at San Antonio's Institute for Economic Development said the Eagle Ford shale reserve area could generate around $62 billion worth of oil output, support more than 80,000 full-time jobs and add about $1.6 billion to state revenues by 2021.
Ray Perryman, director of financial analysis company The Perryman Group, told energy reporting website Rigzone the Cline shale reserve areas in western Texas could be more lucrative than Eagle Ford.
"The information coming out on the Cline shale indicates up to 30 billion barrels of recoverable oil, which is substantially larger than other large plays," he said in an interview published Wednesday.
The U.S. Energy Department estimates Eagle Ford may hold as much as 10 billion barrels of oil.
The U.S. Energy Department's Energy Information Administration reported onshore oil production rose more than 2 million barrels per day from February 2010 to February 2013. Much of that gain came from Texas and North Dakota.