Consol Energy announced it produced an increase of 1.63 trillion cubic feet of gas equivalent (Tcfe) of reserves to reach 5.731 Tcfe by the end of 2013, up 44 percent year-over-year.
Consol Energy said it invested $679.7 million in extensions and discoveries in 2013. The company claims its drill bit finding and development cost of $0.42 per million cubic feet of gas equivalent (Mcfe) is one of the lowest in the industry. This is the fifth year Consol reported drill bit finding and development costs were lower than $0.50 per Mcfe.
"Much of the increase in reserves, through the category extensions and discoveries, was due to the company's highly successful Marcellus Shale program," Consol Energy said in a statement. "As of December 31, 2013, the Marcellus Shale consisted of 3,373 Bcfe of proved reserves."
Consol Energy said it will invest $1.5 billion in natural gas production in 2014 to meet its growth target of 30 percent and produce between 215 and 235 Bcfe. The company plans to focus these investments in Marcellus and Utica shale projects.
More information on the Marcellus shale and gas shale market can be found on PennEnergy's research area.
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