The Eagle Ford shale formation is a large, subterranean vein of rock that runs under a few counties in South Texas. In recent months, oil companies have found promising pools of gas and oil there, drawing the attention of the biggest names in the industry — Shell, BP, Norway’s Statoil, and one of the major Chinese oil companies, CNOOC.
Billions are being invested, big deals are being signed, and the shale is being hydrofracked. That Texas shale is poised to have a big year in 2011, putting out oil and gas, with plenty of propane on the side.
This week, the Houston Chronicle had a solid piece profiling the situation at Eagle Ford, with the straight-forward title “2011 may be a gusher in South Texas.” Read it here.