Pioneer Natural Resources (PXD) and Reliance Industries outlined its development plans for the Eagle Ford Shale over the next few years. The development plan through 2013 is as follows:
Balance of 2010 – 26 wells – 7 rigs by end of year
2011 – 70 wells – 10 rigs by end of year
2012 – 120 wells – 14 rigs by end of year
2013 – 140 wells – 14 rigs by end of year
Pioneer Natural Resources has drilled and completed 6 horizontal wells in the Eagle Ford Shale, with 5 of them currently on production. The company is currently developing its acreage in Live Oak, Karnes and DeWitt Counties, Texas, and has 3 additional wells awaiting completion.
Pioneer Natural Resources estimates that its net production from these Eagle Ford Shale properties will increase from an average of 2,000 barrels oil equivalent (BOE) per day in 2010 to the following:
2011 - a range of 10,000 to 13,000 BOE per day
2012 - a range of 19,000 to 24,000 BOE per day
2013 - a range of 32,000 to 41,000 BOE per day.
