Oil and Gas Industry Update
Victoria – The current state of the oil and gas industry is a vital to our economy, and that very topic was discussed this morning in Victoria.
Luke Legate, director of the Texas Oil and Gas Education Initiative, spoke to the crowd at Tuesday’s Victoria Economic Development’s Partnership meeting, about how oil and gas continues to drive the states economy. Legate said the majority of the new jobs are in the industry’s refining and transportation needs, especially pipeline construction and maintenance. Legate also stated that due to a lowering of oil prices over the last few years, Eagle Ford Shale activity has fallen, but the area still has a vital role in the states economy. ” Out of the top ten counties..five are in the Eagle Ford Shale, the top ten productive counties in the state. So the Eagle Ford is still very much of a bright spot in the Texas energy market..without a doubt,” said Legate.
Legate said that the Eagle Ford, as well as the Permian Basin in West Texas, still has untapped oil reserves at deeper levels, which will assure productivity for many decades to come. Legate said that Texas remains the countries number one oil producer as well as the worlds top natural gas producer.