Colorado oil production rises as prices rebound

By  | 

DENVER (AP)-- Colorado oil production continues to increase as energy companies stake advantage of a recent rebound in crude prices.

Colorado Public Radio reports that the Energy Information Administration says drillers in the Niobrara region that includes much of northern Colorado will produce almost 580,000 barrels daily in March.

That's a 6 percent increase over February's expected production. Gas production also is expected to increase.

Drilling applications suggest more new wells are on the way.

The Colorado Oil and Gas Conservation Commission reported receiving 5,548 applications to drill last year, a 70 percent increase over 2016 and the most in at least six years.

Oil prices have risen sharply since last summer's low of $43 a barrel, to over $60 a barrel in recent weeks.


Information from: Colorado Public Radio

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus