Niobrara Shale in the US, 2012 - Oil Shale Market Analysis and Forecasts to 2020

Feb. 29, 2012 - PRLog -- The Niobrara shale has emerged as one of the most promising oil-producing shales in the US. Total production from the Niobrara formation increased at a growth rate of 10.44% between 2009 and 2011, and grew at a Compound Annual Growth Rate (CAGR) of 4.6% between 2007 and 2011.

The shale is currently witnessing substantial growth in oil production, especially in the DJ Basin and Powder Basin of the Niobrara play. Oil production in the Niobrara shale increased from approximately 0.48 MMboe in 2007 to 3.7 MMboe in 2011, at a CAGR of 66.03%. A large part of this increase can be attributed to the Colorado Niobrara shale formation.

Niobrara shale production from Colorado accounted for nearly 87% of the total production from the Niobrara Shale Play in the US and significantly outpaced the production from the adjoining state of Wyoming in 2011. In Colorado, production from the Niobrara play increased substantially, going from 8.34 MMboe to 8.85 MMboe during 2007-2011. Oil and gas production from the Colorado Niobrara shale formation increased from 0.34 MMboe in 2007 to 2.67 MMboe in 2011 at a CAGR of approximately 67.1%. Therefore, oil produced from the Colorado state has contributed greatly to the recent growth in production from the Niobrara shale play in the US.

Niobrara shale witnesses a significant increase in drilling activities in 2011-2012, with many oil and gas companies exploring the shale with an aim to expand their production base. Major drilling activities in the Niobrara shale are taking place in the DJ Basin and the Powder Basin of Colorado and Wyoming.

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In mid-January 2012, Colorado witnessed a sharp increase in drilling activities, with 43 well permits approved in Niobrara shale play. Earlier in 2011, Colorado alone, there were 1,120 approved well permits for Niobrara shale formation. It would also appear that the period 2010-2011 witnessed a sharp increase in drilling activities, as 74 well permits were approved during November-December 2010. Similarly, in Wyoming, the Wyoming Oil and Gas Commission issued 426 horizontal well permits targeting the Niobrara between January and November 16, 2011.

Companies such as EOG Resources, Noble Energy, and Carrizo Oil & Gas are the major drillers directly involved in Niobrara shale production. These companies obtain permits to drill wells in the Niobrara shale formation and apply innovative drilling techniques to extract large amounts of oil and gas. During 2011, EOG Resources had the highest number of approved drilling permits in Colorado, with a total of 271 permits that allowed them to operate and drill in the Niobrara shale play.

“Niobrara Shale in the US, 2012 - Oil Shale Market Analysis and Forecasts to 2020” is the latest report from the industry analysis specialist GlobalData to provide insight into oil and gas exploration, production, and development in the Niobrara shale play. The report highlights the oil and gas exploration potential of the Niobrara shale play, providing details of the key exploration areas and major exploration companies in the US. The report also provides an understanding of the essential parameters for leasing in Colorado and Wyoming states.

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