Louisiana/Mississippi: Goodrich sets jump in 2014 budget

Goodrich Petroleum Corp., Houston, earlier this month scheduled preliminary 2014 capital spending of $375 million compared with a revised $255 million in 2013, with most of the increase dedicated to an accelerated drilling program in the Tuscaloosa marine shale (TMS) play along the Louisiana-Mississippi state line.

Goodrich revised its previous 2013 capital budget upward to $255 million from $230 million, attributing the hike to the addition of a second rig in the TMS horizontal drilling play and leasehold extension payments in the year’s last quarter. The company acquired additional TMS interests in mid-2013 (OGJ Online, July 23, 2013).

TMS outlays would climb to $300 million in 2014 from $75 million this year, including an increase to five horizontal rigs running by the end of 2014 versus two at present. The $300 million would go for drilling and completions and facilities.

The 2014 slate also has Goodrich spending $30 million on drilling and completion in the South Texas Eagle Ford, down from an estimated $100 million this year, and $30 million, down from $35 million, in the Shelby trough/Angelina River Trend of East Texas, where the objectives are in the Haynesville and Bossier formations.

A further $15 million next year, down from $45 million this year, is to go for leasehold acquisitions and extensions and general corporate purposes, including working capital.

Related Articles

AWE makes gas discovery with Senecio well in Western Australia

09/02/2014 AWE Ltd., Sydney, has made what it is calling a significant gas reservoir discovery below the original target with its Senecio exploration well dri...

Inpex transferring 25% interest in East Malaysia deepwater block to Santos

09/02/2014

Inpex Corp. is transferring 25% interest in a deepwater exploration block in East Malaysia to Santos Ltd.

BOEM answers assertions

09/01/2014

A federal government agency's scientists usually don't feel compelled to more fully explain the basis for their decisions.

Gazprom Neft starts exploratory drilling in Iraq's Kurdistan region

09/01/2014

JSC Gazprom Neft has commenced with exploratory drilling on the Shakal block in the southwest part of Iraq's Kurdistan region.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected