Anadarko Revs Up Drilling in Wattenburg Area
Reported by Staff
At an investor conference in New York City, Anadarko Petroleum Corp. revealed it plans to operate up to eight rigs and drill 450 wells in the northeastern Colorado Wattenberg Field this year.
The Houston-based energy company said it plans to spend up to $2.3 billion to drill between 2,100 to 2,750 wells in the region over the next five years.
The emphasis on the Colorado field makes good business sense because the Wattenburg area, which covers approximately 100 square miles in Adams, Boulder, Broomfield, Larimer and Weld counties, is “capital-efficient”, according to Charles Meloy, a senior vp at Anadarko.
He was quoted in the Denver Post as saying, “If you can save a penny on any one task in drilling . . . with this many wells and this much production, that penny per barrel over that much production makes a huge difference.”
Three additional positives for the Wattenburg are transpiring to make the outlook rosy for Anadarko:
Well completions there have dropped from eight days to five in recent years; and two new pipelines added to the mix have improved the sale value of Anadarko production by about $110 million a year. In addition, In addition, a sizable percentage of Anadarko’s production in the Wattenberg is liquids, which gets higher prices than natural gas.
Filed Under: ARCHIVES • Corporate News
Tags: Anadarko Petroleum Corp • Larimer County • Wattenburg • Weld County
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