When the U.S. Geological Survey published its updated resource estimate for the Wolfcamp Basin in the Permian a couple of years ago, it added fresh fuel to an already major rush to the Permian. Now, the authority has updated its resource estimate for the Eagle Ford, which could spark a similar rush for those whose pockets are deep enough. The USGS said it now estimates undiscovered, technically recoverable oil and gas resources in the Eagle Ford to be around 8.5 billion barrels of crude and 66 trillion cu ft of natural gas, plus 1.9 billion barrels of natural gas liquids. Undiscovered resources are those that are estimated based on geological data and existing reserves in exploitation. They may or may not be commercially viable, unlike technically recoverable resources, which are considered extractable economically with existing technology. In other words, the numbers don’t necessarily mean much in reality. They still […]