Noble Energy at the February 2014 Credit Suisse Energy Summit presented results from 2013 and their plans for 2014 development. The company reported record reserves of 1.4 BBoe, up 19 percent and their first Integrated Development Plan (IDP) at Wells Ranch in DJ Basin.
In 2014 Noble Energy is forecasting 302 – 322 MBoe/d coming from the primarily from the DJ Basin, Marcellus Shale and Israel.
In the DJ basin the company has 609,000 net acres with 87% in oil window. Noble is performing a basin wide downspacing (24 – 32 wells per section) effort which will account for 30 – 40% of their projected 2014 well count. The company will be investing $2 B or 40% of their total capital program in the DJ basin.
Noble will be determining the optimal spacing for each IDP using reservoir characterization, legacy vertical wellbores, and surface constraints. By using IDPs the company can reduce development costs by .4 to .8 MM per well and eliminate the need for tanks on each well, reduce water trucking costs with distribution lines, pad drilling, and extended reach laterals (ERL).