Consol sees output increase, production costs decline in 2015

February 5, 2016

Consol Energy Inc. said Friday it added 934 billion cubic feet of proved reserves in natural gas from its exploration and production activities in the Marcellus and Utica shales.

The Southpointe-based energy company said in a news release as of Dec. 31, its total proved reserves were 5.6 trillion cubic feet, which included 583 Bcfe, or 10.3 percent of oil, condensate and liquids. Marcellus Shale reserves accounted for 369 Bcfe, or 14.4 percent of these heavier hydrocarbons.

The company reported it replaced 284 percent of its 2015 production, when considering increases from extensions and discoveries of 934 Bcfe. Production in 2015 was 329 Bcfe.

During 2015, drilling and completion costs incurred directly attributable to extensions and discoveries were $618.3 million.

When divided by the extensions and discoveries of 934 Bcfe, the company said the activity yields a drill bit finding and development cost of 66 cents per Mcfe, compared to 76 cents per Mcfe at year-end 2014.

In the Marcellus Shale, Consol and its joint venture partner turned in line 81 gross wells with an average completed lateral length of 7,600 feet and expected ultimate recoveries averaging 2 Bcfe per thousand feet of completed lateral.

In the Utica Shale last year, Consol and its JV partner turned in line 32 gross wells with an average completed lateral length of 7,600 feet and EURs ranging up to 3 Bcfe per thousand feet of completed lateral.

As of Dec. 31, Consol said it had total proved, probable and possible reserves (3P) of 38.3 Tcfe, which is an increase of 1.7 Tcfe, or 5 percent in 3P reserves from the 36.6 Tcfe reported at year-end 2014.

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