At The Howard Wiel 40th Annual Energy Conference, Noble Energy presented investors with results of its Niobrara drilling program in the Wattenberg Field. In its presentation Noble showed that its diligent program of drilling and innovation has yielded big dividends such as decreased drilling time and the ability to increase production over 32% in the last 14 months.
In 2012 to date Noble has drilled over 170 wells, 75% of them on multi-well pads with 85% of those wells in liquids rich areas. They currently have seven horizontal rigs actively drilling and plan to have ten by December of 2012. The company is achieving repeatable results with an average of 310 MBoe per well.
Noble’s dedication to learning on every well they drill in the Niobrara will enable them to drill 12 – 15 extended reach laterals in 2012. An extended reach lateral is a well that reaches in excess of 4500 ft. The company showcased their WELLS RANCH AE-29 – 68HN extended reach lateral well which reaches an impressive 9120 feet and was drilled in a mere 17 days with a 39 stage frac completion. Extended reach laterals are projected to produce 500 – 750 EUR MBoe per well for a cost of $7 – $8 million, with a return on investment that pays out in 7 months.
Noble has plans to drill acreage northeast of the Wattenberg Field and apply their knowledge gained there to extend the play. They expect 30 day average IPs of 550 Boe/d with 85% liquids in this area.
With their Eco-Node concept of multi-well pads that reduce well pad foot prints and increased efficiencies in the delivery oil and gas to market, along with their innovative spirit and history of successful operation in the Wattenberg Field, Noble Energy is quietly excelling at developing the Niobrara.