DENVER—Exxon Mobil Corp., a major player in the Rocky Mountain energy boom, is planning to more than quadruple its natural gas production in northwest Colorado.
The company has begun construction on its newest development phase in the Piceance Basin, which will boost production from 55 million cubic feet per day to about 250 million cubic feet per day, said Mark Albers, an Exxon Mobil senior vice president. It is adding four rigs to the two already working in the basin.
“Subsequent expansion phases are being evaluated with the potential to bring total production to 1 billion cubic feet per day,” Albers told analysts during the Lehman Brothers CEO Energy Conference Thursday. “The key to unlocking this potential has been increasing the production rates and recovery from each well.”
Irving, Texas-based Exxon Mobil, the world’s largest publicly traded oil company, has a stake in about 300,000 acres in the basin. Albers says the total recovery potential on the acreage could exceed 35 trillion cubic feet.
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