Company plans to begin work on 131 news wells in state in 2018
Denver-based oil and gas company PDC Energy said Monday it expects to invest $480 million in operations in Colorado’s Wattenberg Field in 2018.
PDC, in a notice to investors Monday, outlined plans for between $850 million and $920 millionin capital improvements at extractions sites in Texas, Ohio and Colorado next year. The company expects to produce the equivalent of 38 million to 42 million barrels of oil over the course of the year.
When it comes to the Wattenberg Field, the state’s oil and gas field located under Weld, Larimer, Boulder, Adams and Broomfield counties, PDC plans to begin work on around 131 wells, and turn-in-line another 139, meaning those wells will begin producing for sales. A majority of the work will fall in the company’s Kersey area, Monday’s release.
PDC officials said the company invested roughly $450 million in the Wattenberg Field in 2017.
Anadarko Petroleum, Colorado’s largest oil and gas producer, announced plans last month to invest $950 million in developing wells in the Denver-Julesburg Basin in 2018, up from the $840 million it budgeted this year.