Noble to increase spending by 90% in 2017

Noble Energy plans to spend USD 2.3 billion-2.6 billion in 2017, up from the USD 1.3 billion it reportedly spent in 2016. The company said in a statement that 75% of that investment will be focused on work onshore USA.

USD 850 million will go to developments in the DJ Basin, USD 500 million to the Delaware, USD 325 million to the Eagle Ford and USD 150 million to the Marcellus Shale. The remainder will go to work offshore USA or to the company’s assets in the rest of the world. Most of this is focused on the Leviathan field in the Eastern Mediterranean, where the company plans to drill one production well in 2017.

The US energy independent aims to maintain an average rig count of more than eight active rigs.

“We will continue to concentrate on long laterals and pad drilling, enhanced completions with higher proppant loadings and tighter stage and cluster spacing, as well as integrated facility design,” said Noble chairman, CEO and president David L. Stover in the statement.

“Our onshore portfolio provides some of the highest return opportunities in the U.S., and our 2017 capital plan positions us for significant value-added growth, near term and for many years to come,” he said.