The Eagle Ford Shale formation in South and East Texas, created from deposits made 92 million years ago, is fast becoming one of the most actively drilled targets for oil and gas energy resources in the U.S.
The Eagle Ford Shale is not only attracting new business, jobs and development to the San Antonio area — it’s also breathing new energy into established industries and new life into the nation’s economy. More than 4,000 people poured into the Henry B. Gonzalez Convention Center for the third annual DUG Eagle Ford conference last month to learn how they can tap into this oil-and-gas play.
A report by Boston Consulting Group says the surge in shale gas production in areas such as the Eagle Ford Shale could be the key to the nation’s economic growth over the next several years. That’s because falling natural gas prices, the group predicts, will boost factory productivity and lead to growth in U.S. exports that will add 5 million jobs to the economy by the end of the decade.
As for oilfield service jobs, a fair number are located in San Antonio and regions south.
“For 2011, I think it’s likely that Eagle Ford Shale had the single biggest impact on the local economy, with companies like Halliburton and others putting in facilities in the San Antonio area and the promise of over 2,000 direct permanent jobs once the facilities have been completed,” saysThomas Tunstall, director of the Center for Community & Business Research, UTSA Institute for Economic Development.
Houston-based Halliburton Co. broke ground a year ago on an operations center in South Bexar County that will employ as many as 1,500 workers. Lake Truck Lines Inc. moved its headquarters from Houston to San Antonio last year, and reports that business grew by more than 500 percent since that time.