Analysts: Bakken, Eagle Ford Shale offer optimistic outlook for oil producers

06/9/2014 |

Oil producers can still hold a positive outlook with the opportunities abounding in the shale plays of South Texas and North Dakota, despite the Energy Information Administration's reduced estimate of recoverable oil from California's Monterey Shale, experts said at a media briefing in Houston. Producers can recover 21 billion barrels of crude oil from the Bakken Shale, said Jonathan Garrett, analyst at Wood Mackenzie. Cody Rice, another analyst with the research group, said drilling expenditures in the Eagle Ford Shale are expected to reach $27 billion this year, $4 billion higher than an earlier estimate.

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