Colorado smashes record for oil production

Colorado Oil and Gas Commission

Colorado Oil and Gas Commission

 – Reporter-Denver Business Journal – March 4, 2015

Colorado posted a new record for oil production in 2014, with more than 82.8 million barrels of crude oil pumped from the ground — about 85 percent of it from Weld County oil and natural gas wells, according to a Denver Business Journal analysis of figures posted on the Colorado Oil and Gas Conservation Commission (COGCC) website.

The state, along with the nation, has ridden a boom in oil development and production in the last few years. But experts say they don’t know if the boom will continue, as the price of oil in the United States has slid from last summer’s highs of more than $100 per barrel to close at $51.53 per barrel Wednesday in trading on the New York Mercantile Exchange.

And while the unofficial figures on the COGCC website are high, Colorado’s final figure for 2014 is expected to edge even higher in coming weeks as production reports are finalized and filed with the state.

The 2014 figure of 82.8 million barrels is 27 percent higher than the 65.3 million barrels the state produced in 2013 — a number that topped the previous year’s production levels and also smashed what had been the state’s all-time high production figure set in the 1950s.

Matt Lepore, the director of the COGCC, said Wednesday he was surprised by the 2014 production level.

“I did not think we would see a 20 percent increase, year over year, and we are well beyond that,” he said

Continue reading story at The Denver Business Journal

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