The Business Times

Hoping for a price surge, US oil firms keep wells in reserve

Wells ready to pump oil and gas when market picks up but some analysts think abundant supplies may cap rally

Published Sun, Dec 27, 2015 · 09:50 PM

Berthoud, Colorado

THE price of oil keeps dropping. But that didn't stop a work crew from drilling a well recently on what was once a cornfield, carefully guiding the last sections of 13,000 feet of pipe spiralling into the hard Niobrara shale with a diamond-tipped bit.

Their well, one of hundreds drilled by Anadarko Petroleum in eastern Colorado's Wattenberg field this year, could someday gush as many as 800 barrels of crude oil a day. But Anadarko is not planning to produce a drop of crude from the well for at least another year because the price of oil is now so low.

The well here is just …

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to

Energy & Commodities


Get the latest coverage and full access to all BT premium content.


Browse corporate subscription here