The Eagle Ford oil field may be seeing a resurgence in interest thanks to advances in the way oil reserves are evaluated and new drilling techniques that make it easier to extract oil and gas from shale formations. Eagle Ford was once a booming area for oil exploration. Recent downturns in prices and a general slowdown in the oil industry had led to lower prices and increased selloff of properties in this area. Two major sales, however, have put Eagle Ford back on the fast track to success. Investing in oil and gas training courses can help oil companies take advantage of the opportunities available in the energy marketplace.
Lower Prices May Have Played a Role
At the height of the oil industry boom, Eagle Ford properties were selling for as much as $35,000 per acre. The prices paid by Sanchez Energy Corp. and Venado Oil and Gas earlier this year were closer to $16,000, which still represents a significant improvement over the $3,500-per-acre prices for Eagle Ford land just last year. As evaluation of leads and prospects and demand in the area has increased, the cost of property in the Eagle Ford formation has begun to rise once again.
Higher Oil Prices Driving Expansion
A recent deal with OPEC to reduce oil supply and rising prices for oil and gas across the country have had a positive impact on companies looking to expand their operations this year. The price of a barrel of oil has increased to over $50 in recent months, a significant improvement over the $26-per-barrel low hit in 2016. With the promise of added profits in the future, many companies are reconsidering areas like Eagle Ford.
Advanced Evaluation Techniques
New technologies have allowed improved evaluation of leads and prospects in the field. These advanced methods can allow companies to achieve greater returns on their investment and improved productivity in their drilling efforts. Investing in training courses for key employees can ensure the highest degree of accuracy in drilling for reserves in shale deposits and other geological formations in Texas and across the U.S.
The risk assessment experts at Rose & Associates can provide oil and gas reserves evaluation software and training that can jump-start your company’s expansion and exploration efforts. We offer consulting services designed to help you make the most effective use of your available financial and human resources. Whether you need training courses tailored to your corporate needs or full-scale support for your drilling operations, Rose & Associates can provide the solutions you need to achieve a higher degree of success in the energy industry. Call us today at 713-528-8422 to discuss your company’s needs with one of our expert technical staff. We look forward to the chance to work with you.