Colorado Ramps Up Oil Production

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May 17, 2014 at 5:52 pm  •  Posted in Oil and Gas  •  0 Comments

Oil and gas companies in Colorado produced a record-breaking 64.1 million barrels of oil last year, up 30 percent from 2012. The industry has more than doubled its rate of production in the state since 2008. “Carefully producing these important resources while fully protecting our communities and environment remains our focus,” said a representative from the Colorado Department of Natural Resources.

The state’s two biggest energy companies working in the booming Denver-Julesburg Basin — an area centered on Weld County and where much of the new drilling and production activity is taking place — recently raised their estimates for the amount of oil they believe they can produce from their mineral rights in the state to more than 4 billion barrels.

However, while energy companies rush to produce Colorado’s oil, more of the state’s natural gas reserves are staying in the ground.

Natural gas production slid to 1.6 trillion cubic feet, a 6 percent drop from the 1.7 trillion cubic feet of natural gas produced in 2012, according to state records.

View Full Article in: http://www.bizjournals.com

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