ExxonMobil Completes Colorado Project Expansion
ExxonMobil said Monday it has completed an expansion of its natural gas processing capacity at a site in Colorado, allowing it to handle up to 200 million cubic feet of gas per day, double its current output.
The work at the Piceance Project on the western slope of the Rocky Mountains in Rio Blanco County, Colo., includes gas and liquid gathering systems, treating facilities and a produced-water pipeline.
Enterprise Products Partners LP built new plant and pipeline facilities that provide compression, treatment and conditioning services for the produced gas, which is delivered to pipeline transmission systems serving the region.
ExxonMobil has been producing gas in the Piceance Basin for nearly 50 years. It is currently producing about 100 million cubic feet of gas per day, and the company says its leases hold up to 45 trillion cubic feet of gas that can be recovered.
Natural gas in the Piceance Basin is trapped within rock as dense as concrete and in different zones separated by thin layers of shale. The company currently is operating seven drilling rigs to increase its Piceance production.
ExxonMobil shares fell $2.21, or 3 percent, to close at $68.84 Monday. The shares have traded between $56.51 and $89.63 over the past year.