Conoco Phillips (COP) announced a $12 billion upstream capital budget for 2011, and will spend $1.4 billion to develop the Eagle Ford Shale in Texas. The company has 220,000 net acres under lease and plans to drill 144 wells here during the year.
Conoco Phillips recently reported the average production during the first thirty days on five wells drilled into the Eagle Ford Shale.
The Esse 1 produced 1,169 barrels of oil equivalent (BOE) per day, consisting of 1,012 barrels of liquids per day and 157 BOE per day of wet gas.
The Joahannes Unit #1 produced 1,086 BOE per day, consisting of 937 barrels of liquids per day and 149 BOE per day of wet gas.
The Schulte Prospect #1 produced 1,521 BOE per day, consisting of 1,210 barrels of liquids per day and 311 BOE per day of wet gas.
The Kennedy #1 produced 1,647 BOE per day, consisting of 1,254 barrels of liquids per day and 393 BOE per day of wet gas.
The Schendel A produced 1,001 BOE per day, consisting of 835 barrels of liquids per day and 166BOE per day of wet gas.
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