The Eagle Ford shale formation sprawls across more than 15 south Texas counties and with 269 working drilling rigs, it currently supports 155,000 jobs and contributed $87 billion to the Texas economy in 2013, according to a comprehensive report released in September by the University of Texas San Antonio. Projections, according to the report, escalate to nearly 200,000 jobs and upwards of $140 Billion in economic output over the next decade.
The formation produces a large volume of condensate, an ultra-light gaseous hydrocarbon extracted from oil and gas reservoirs. Recently, the Obama administration allowed two producers, Enterprise Products Partners, LP (NYSE: EPD) and Pioneer Natural Resources Co (NYSE: PXD) to begin exporting condensate originating from the Eagle Ford shale.
Yesterday, oil and gas leaders from across the country met in Houston for the 2nd annual Condensate Markets, Export And Takeaway Capacity Summit to discuss the future of the condensate markets. The 2014 meeting is drawing significant attention in light of the Administration’s move to relax exports earlier this year.
Chris Faulkner, Breitling Energy Corporation (OTCBB: BECC) CEO, has addressed the conference yesterday exploring the future of condensate production. Faulkner has presented on forecasting the production volumes and quantities required to predict pricing and value across different North American markets.
“The condensate game completely changed when the Obama Administration cracked the window this year to allow exports. It was a good first step, but it’s not enough. We’ve had ample time now for more follow-up action, and producers around the country are interested in this as a new opportunity,” Faulkner said before the conference. “I’m going to talk about a bright future for condensate and I think it offers producers an economic sweet spot in upstream production today, especially if we can get more export capability.”
The event organizer, American Business Conferences, conducts multiple niche-market summits around the country featuring top-level practitioners in each respective niche field.
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