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According to a report from Colorado Oil and Gas Commission, oil production has reached its highest level since 1957 as the COGCC’s initial calculation of total oil produced in 2012 exceeds 49 million barrels. This represents a 25 percent increase over 2011 which itself saw a 20 percent increase over oil produced in 2010.
Colorado has experienced a steady increase in the volume of both gas and oil, with oil increasing since 1999 and gas increasing since 1990. The growth in oil production can be attributed primarily to the giant Wattenberg Field in the Denver Basin just north and east of the Denver metropolitan area.
Operators there are combining improving technologies in horizontal drilling and hydraulic fracturing to increase production from the Niobrara Formation.
(Source : Colorado Oil and Gas Commission)
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(Source : Colorado Oil and Gas Commission)
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