ConocoPhillips ups investment plans for Bakken, Eagle Ford

By Luke Geiver | December 11, 2013

ConocoPhillips intends to spend roughly $9 billion in 2014 on its North American operations. The company will increase drilling program investments in the Bakken, Eagle Ford and Permian plays. In total, global investments will reach $16.7 billion for the company. According to the company, approximately 39 percent of the total budget will be put towards its high margin drilling programs in the Eagle Ford, Bakken and Niobrara shale’s. “Growth from these development drilling programs should account for 600 MBOED of production by 2017 and offsets normal field decline from the company’s producing assets,” the company said in its 2014 budget announcement.

Ryan Lance, chairman and CEO of the company, said 2014 will be an important year. “We have an unparalleled inventory of opportunities that will enable us to deliver organic growth from continuing operations in 2014 and beyond. In addition, our planned conventional and unconventional exploration activity should provide opportunities that can keep us on track for sustained growth and returns,” he said.

Although 13 percent of ConocoPhillips’ capital budget plans in 2014 will go towards exploration and appraisal, the Bakken doesn’t fit into the company’s 2014 plans. The exploration and production firm will deploy investment to liquids-rich shale plays in the Niobrara and Permian plays, as well as the Canol, Duvernay and Montney plays in Canada.

Earlier this year, ConocoPhillips opened an office in Billings, Montana to house it’s Williston Basin operations. 



1 Responses

  1. The Universe



    Dear Humanity... In 1913 British coal production peaked and began to decline. The decade that followed was indescribably horrible for many in Europe. (See WWI for starters) In 1971 US oil production peaked and began to decline. The decade that followed saw two energy crises and economic catastrophe. In 1987 oil production in the Soviet Union peaked and began to decline. By 1991 it had became The Former Soviet Union due to a violent economic and political collapse. In 1998 Argentinian oil production peaked and then began to decline. A year later the country experienced a violent economic and political collapse. In 2006 the global production of conventional crude oil peaked and is now declining. Since then we've seen a global recession, resource wars and social unrest. Now US oil production is going up thanks to tight oil wells. Here's a little information about these wells that are being called a, "miracle." Each costs from $6,000,000 to $10,000,000. Each has a max lifetime of about 30 years. In that 30 years a single well will produce between 500,000 and 1,000,000 barrels of oil. The World consumes that much in less than 20 minutes. So... $10,000,000 and 30 years to get 20 minutes of oil out of the ground. That is ridiculous. The US economy is holding itself together because... 1) The Federal Reserve is printing more than $32,000.00 per second to buy bad investments from the banks they're calling, "troubled assets." 2) They can only print that much because US oil production is going up due to an unprecedented amount of effort taking place in the Bakken and Eagle Ford. It won't continue for much longer. Fact is, The US is going to peak in production (again) and it isn't going to be pretty. The next peak will be the beginning of the end of the US as a super power. Plan Ahead - Plant A Garden


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