But we may have journeyed to the wrong region.
A new report from IHS Global Insight (as noted by Professor Mark J. Perry) suggests the Eagle Ford play near San Antonio, Texas, is poised to overtake the Bakken as the country’s most promising oil reservoir:
“Our analysis at IHS indicates that Eagle Ford drilling results to date appear to be superior to those of the Bakken,” said Andrew Byrne, director of equity research at IHS and author of the study. “Although the well counts aren’t nearly as high at this point in development of the Eagle Ford, the peak of the well-distribution curve compares favourably with the Bakken.”
The firm found Eagle Ford sites capable of producing around 300 to 600 barrels-per-day for a peak month production average, compared with 150 to 300 barrels-per-day for the Bakken. The Eagle Ford also has better average peak-month production rates.
Here’s a neat GIF showing how the play has exploded in the past few years: