Noble Energy announces $4.8B capital plan for 2014

HOUSTON — Noble Energy is planning to plow the lion’s share of its $4.8 billion planned capital investments into onshore plays in 2014, aiming to continue its double-digit production growth in the United States and abroad.

The Houston-based independent oil and gas company expects to invest about $3.2 billion in onshore plays in U.S. onshore development, including northeastern Colorado’s DJ Basin and in the Marcellus Shale, the company said Tuesday.

“For the third consecutive year, production is projected to grow at strong double-digit rates,” said Charles Davidson, chief executive officer of Noble Energy. “We continue to accelerate development in the DJ Basin, which will receive the greatest portion of our capital program, as well as the drilling program in the wet gas area of the Marcellus Shale.”

Noble Energy plans to spend about $2 billion in the DJ Basin, drilling about 320 horizontal wells and developing some of the fields it got from Anadarko in an October property swap in the Wattenberg basin.

The company estimates a 28 percent increase in sales volume for the coming year.

Noble also will spend about $1.5 billion on its deep-water programs, where it has had several significant oil and gas discoveries, most recently in the Gulf of Mexico’s Big Bend site. It is also continuing to develop its bountiful natural gas fields in offshore Israel, where it discovered 38 trillion cubic feet of gas in the Levant Basin in May. It also is drilling exploratory wells in Cameroon, and has seismic projects underway in Sierra Leone and the Falkland Islands.

The company’s 2013 production guidance is between 270,000 to 282,000 barrels of oil equivalent per day.