Noble Energy set to invest $1.7 billion in Colorado in 2013

Horizontal Drilling Rig in Weld County Colorado - Credit Niobrara News

Horizontal Drilling Rig in Weld County Colorado – Credit Niobrara News

By Mark Jaffe – The Denver Post – December 6, 2012

Noble Energy said Thursday it is raising the estimate of recoverable oil in its Denver-Julesburg Basin properties 60 percent to the equivalent of 2.1 billion barrels and plans to invest $1.7 billion in the region in 2013.

“We have accelerated our development in the DJ Basin, which will receive the greatest portion of our capital program,” said Charles Davidson, Noble’s chief executive, in a statement.

The investment will increase the number of wells drilled in the basin, centered on Weld County, to 300 in 2013 and 500 a year by 2017, said Houston-based Noble.

The company said it has identified 9,500 locations to drilling horizontal wells into the Niobrara shale, more than 6,000 feet below the surface.

Read More at The Denver Post:Noble Energy set to invest $1.7 billion in Colorado in 2013

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