Oct 9 Continental Resources Inc, the top
oil producer in the Bakken region, said on Tuesday it expects to
cut $1 million off the cost of its average well there by the end
of 2013, as it takes on one of the biggest challenges in the
booming oil basin.
The company aims to bring its per-well cost down to $8.2
million by the end of 2013 from $9.2 million in the first half
of 2012, Chief Operating Officer Rick Bott said in a
presentation to analysts.
The Bakken, which is centered in North Dakota and runs into
Montana and Canada, is Continental's primary development, while
it also has a large interest in Oklahoma's Anadarko Woodford
Continental said late on Monday it expects to increase
company-wide production in 2013 by between 30 percent and 35
percent, while drilling 300 "net" wells -- accounting for its
share of partly owned wells -- up from 286 net wells this year.
Capital expenditure will rise to $3.4 billion from $3
billion in 2012, and two-thirds of the company's $2.9 billion in
2013 drilling capital would be spent in the Bakken.
Shares of Continental, which have increased by more than 50
percent in the last year, were 2.4 percent higher at $78.34 in
late morning trading on the New York Stock Exchange.