CONSOL Energy (CNX) approved a $1.7 billion capital budget for 2012 and plans to spend $575 million in the Marcellus Shale, up from $427 million in 2011. The funds will be used to drill 61 net wells during the year. CONSOL Energy estimates that the company’s drilling in the Marcellus Shale through 2015 will be:
2012 – 61 net wells
2013 – 114 net wells
2014 – 158 net wells
2015 – 179 net wells
CONSOL Energy said that in 2012 the company will target development towards parts of the Marcellus Shale that contain liquids, with 39 of the 122 gross wells during the year planned for these areas. CONSOL Energy is involved in a joint venture with Noble Energy (NBL) in the Marcellus Shale.
Comments