Wednesday, August 18, 2010

Newfield sees Monument Butte growth

Newfield Exploration Co., Houston, expects to exit 2010 producing at least 25,000 b/d of oil from Utah’s giant Monument Butte oil field and 6,500 b/d from its Williston basin oil properties. Late July volumes are 22,600 b/d for Monument Butte, up 5,600 b/d since the end of 2009. Newfield estimated it has 4,700 development drilling locations remaining in Monument Butte, where it plans to have drilled 375 wells this year with a five-rig program. The company set a recent record of 2.8 days from rig up to rig release on a 20-acre directional well. Three rigs are drilling in the field’s 63,000 net acres Monument Butte northern extension area, where Newfield has drilled 90 wells this year and 220 since stepping out that direction in 2007. One recent northern extension well produced 350 b/d of oil in its first 30 days on line. Newfield, working with area refiners to assure their capacity keeps pace with the company’s supply growth, said demand for the field’s black wax crude is strong. Oil & Gas Journal