Production from the Eagle Ford contributes significantly to BHP’s 670,000 barrels per day of oil plus to U.S. oil exports. Also, a recent report reveals the true affects the oil and gas industry has an Alaska’s economy.
BHP Billiton’s expects to generate a profit in 2016 on its 2011 $20 billion U.S. shale investment. Shale operations contribute about 40% of BHP’s 670,000 barrels per day of oil, with the majority coming from the Eagle Ford. Rod Skaufel, President of shale operations for BHP Billiton Petroleum, says their position is tops among operators and of their 25 rigs in operation, 17 are in the Eagle Ford.
Despite limitations on exporting U.S. produced oil overseas, exports hit a 15 year high in April of 2014 according to an Energy Information Administration report released yesterday. On average, 268,000 barrels of oil per day left the country with most of it going to Canada. The Eagle Ford Shale in South Texas contributed significantly to these exports.
In a report by McDowell Group, the positive impacts the oil and gas industry have on Alaska’s economy have been revealed. The study reveals that the surveyed companies affect the financial lives of 111,000 people in both the public and private sectors. This population makes up about 33 percent of all wages in the state, totaling approximately $6.4 billion.
With overseas turmoil in hydrocarbon exporting countries, supporters of the Keystone pipeline have stepped up efforts to urge lawmakers to move quickly and approve this project. “The growing crisis in the Middle East, as well as ongoing tensions in Ukraine, makes clearer than ever that we cannot stand in the way of smart decisions today that will help to secure a stable supply of energy for our nation in the future,” said Jack Gerard, API President and CEO.