ConocoPhillips to continue Unconventional Drilling Program in the Niobrara

ConocoPhillips will continue to invest in the Niobrara play as detailed in their most recent press release regarding the company’s upcoming capital expenditures for 2013.

ConocoPhillips stated in their press release that the company will allocate up to 40% of their 15.8 billion dollar 2013 budget to the company’s highly profitable exploitation programs in its legacy asset base, to include their existing assets in the Niobrara. Their total asset base includes 21 million net acres of onshore leasehold in the Lower 48 and western Canada.

The company estimates that approximately two-thirds of the budget will be spent in the Lower 48, primarily focused on liquids-rich unconventional reservoir drilling programs and infrastructure development in the Eagle Ford, Bakken, Barnett and Niobrara, as well as conventional and unconventional plays in the Permian Basin.

In unconventional exploration, funding will support selective acreage acquisitions and appraisal programs across liquids-rich shale plays in the Lower 48 and Canada, where the company has added more than 750,000 acres since 2011. Activities will be focused on accessing and testing several high-quality plays, including the Wolfcamp, Niobrara, Canol and Duvernay.

To read the full press release click here

ConocoPhillips made news in early 2012 with their record breaking high profile bid to win the leases on the Lowry Bombing Range from the Colorado State Land Board.

 

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