There is more good news when it comes to the economy and job market in the Denver area. According to recent estimates, the Denver-Julesburg Basin may be capable of producing more than 4 billion barrels of crude oil. The number may be as high as 4.6 billion barrels, and is expected to only rise in the coming years as both the technology and economic climate improves.
The estimates come from the two biggest oil companies working in the basin, Noble Energy and Anadarko Petroleum. Noble predicts it will be able to recover about 2.6 billion barrels, while Anadarko says it will be able to recover around 1.5 billion barrels. The estimates are up significantly from last year.
The estimates include both crude oil as well as other natural gas liquids such as propane, butane, and ethane. The companies plan to drill at least 700 wells a year by 2018 in the basin, which sprawls north and east of Denver into Wyoming and Nebraska.
The Economic Impact
All of this is great news for the Denver economy and job market. To begin with, both oil companies plan to invest heavily in the area in the coming years. Noble says it expects to spend around $2 billion in the area this year. Andarko says it will spend around $1.5 billion this year. Noble further estimates that it will invest about $12 billion in the Denver area in the next five years.
Add to that all of the additional jobs this development is sure to bring. The energy and natural resources industry is already one of Denver’s largest, and with this large-scale project in the works for the next several years, the industry promises to continue to thrive. In fact, things may only be getting better. At the same conference where the estimates were announced, Noble announced that it expects to be able to recover even more resources next year.
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