Monday, August 9, 2010

Conoco Phillips (COP): Eagle Ford Shale Update

By Andrea:

Conoco Phillips (COP) released an update on the Eagle Ford Shale. They are showing an optimistic outlook for rest of 2010 in Eagle Ford Shale :

Year-to-date, we've drilled 13 and completed seven wells at Eagle Ford and are optimistic about this deal’s potential to support future production and returns growth. We’ve got six rigs drilling in the area, plan to have as many as 12 by year end, in current production of about 7,000 BOE per day. Our APLNG project is targeting FID by the end of 2010.

So looking at Eagle Ford, we're seeing of the 13 wells we’ve drilled and the seven we've completed, we're seeing IP rates anywhere in the range of, let's say, between 1,500 to 2,500 BOE per day. We do have some that are on the higher side of that where we’ve got gas being produced. I guess our best well is around close to six MCF a day and oil is 1,600 BOE per day. So you’ve got an MMcf per day of close to 16. But I would say on an MCF or a BOE per day, on a BOE per day basis, we're seeing something around 2 at Eagle Ford

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