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The investment represents the lion’s share of a total of $3.9 billion in capital spending planned by Noble Energy next year, the Houston-based company said in a statement.
The company plans to drill 300 horizontal wells in the D.J. Basin next year, including 150 in Northern Colorado, a spokeswoman said. It will drill 60 of those wells in the Wattenberg Field area.
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Noble Energy also expects its sales volumes next year to average between 270,000 and 282,000 barrels of oil-equivalent per day. The amount would represent a 20 percent increase over this year, the company said.
“For a second straight year, production is projected to grow at strong double-digit rates,” CEO Charles Davidson said in a statement. “We have accelerated our development in the D.J. Basin, which will receive the greatest portion of our capital program.”
The company also expects its fourth-quarter sales volumes to rise slightly to between 252,000 and 256,000 barrels of oil-equivalent per day. It attributed the estimated increase to production growth in the D.J. Basin.