Noble Energy boosts 4Q sales volumes estimates
U.S. oil and gas company Noble Energy, Inc. has increased its fourth quarter 2015 sales volumes to range between 405 and 415 thousand barrels of oil equivalent per day (MBoe/d), with the midpoint of the new estimate representing a 15 MBoe/d increase over the prior midpoint.
According to Noble Energy, volumes sold in October and November 2015 exceeded expectations due to improved completion practices in the Eagle Ford and DJ Basin, as well as the accelerated ramp-up and early performance of Big Bend and Dantzler in the Gulf of Mexico. Noble Energy’s Big Bend oil development in the deepwater Gulf of Mexico started production on October 26, 2015.
Nobles says that Big Bend and Dantzler combined, have already achieved their targeted peak production rate of 20 MBoe/d, net to Noble Energy. Big Bend and Dantzler, located in Mississippi Canyon 698 and 782, respectively, are subsea tiebacks to the third-party Thunder Hawk production facility.
In addition, fourth quarter volumes in the company’s other U.S. Onshore, West Africa and Israel assets is consistent with to slightly better than prior expectations, the company said.
Gary W. Willingham, the Noble Energy’s Executive Vice President of Operations, said: “We are finishing 2015 with tremendous operating momentum and performance across the business. The Company’s 2015 capital budget remains unchanged and fourth quarter capital will be the lowest quarterly spend of the year. We’ve positioned the company to operate within cash flow while still being able to deliver modest pro-forma annual volume growth in 2016.”