The University of Texas at San Antonio (UTSA) Institute for Economic Development recently explored how the activity in the Eagle Ford field has affected the 21 counties directly and indirectly involved in production.
The researchers found that in 2013, the oil and gas industry in the Eagle Ford generated nearly $72 billion in the area, while contributing more than $4.4 billion to state and local governments. The activity in the region also supports 155,000 full-time jobs, with that number expected to grow to more than 196,000 by 2023.
"The immense economic development is providing the wherewithal to address needs that are important to both industry and communities," UTSA's Robert McKinley, associate vice president of economic development told NGI. "Investments in infrastructure — roads, water, wastewater, education, medical facilities and other things — are the key foundational components needed to ensure the long-term viability of many rural communities in the region."
In 2008, the Eagle Ford play produced 581 b/d, but that figure has ballooned to over 1.5 b/d as of August, defying even the most ambitious estimates. The UTSA predicts that growth is sustainable, reaching a $137 billion impact from the region by 2023.
However, the Houston Chronicle notes that there has been some challenge to the growth as well. Rents in the region have increased over 300 percent, leaving longtime residents not involved in the energy industry struggling.
For sustained growth and community support, industry stakeholders can consider retaining oil and gas strategy consulting. These experienced professionals can help organizations avoid the many pitfalls that can arise with such rapid growth, and build a sustainable future that will continue to bring wealth to the region for generations to come.