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  • harit_rc harit_rc May 7, 2013 2:53 PM Flag

    Survey: Denver ranks third in world for oil, gas opportunities (RIGZONE)

    Denver is the third best city in the world for oil and gas explorers, according to a survey published by a trade group this week.

    Rigzone, an employment and data clearinghouse, polled 8,000 industry executives and engineers to get their opinions on the cities with the most oil-and-gas growth and opportunity.

    Some of the world's biggest oil and gas companies have a presence in Denver, including Halliburton, Noble Energy Inc., Anadarko Petroleum Corp., EnCana Corp., EOG Resources Inc., and GE Oil & Gas, to name a few.

    "Innovation in multi-stage hydraulic fracturing and horizontal drilling technology has allowed the oil and gas industry to begin exploring Colorado's unconventional resources," the Rigzone ranking report reads.

    "These resources include shale and tight sands within three basins. Of these plays, the Niobrara currently is the most active, according to a report by the Institute for 21st Century Energy. Some analysts have estimated the Niobrara, which is mainly a liquids-rich play, to hold reserves of approximately 2 billion barrels of recoverable oil reserves, according to the Colorado Oil & Gas Association," Rigzone reported.

    Unconventional oil and gas work created 77,600 jobs in Colorado in 2012, according to the Institute for 21st Century Energy, and the number of jobs here uprooted by shale activity will grow to 121,398 in 2020 and 175,363 in 2035. Unconventional oil and gas activity contributed value-added economic activity of more than $11 billion in Colorado last year; that contribution is estimated to grow to more than $26 billion by 2035, Rigzone reported.

    The nine-county Metro Denver and northern Colorado region ranked fourth for fossil fuel energy employment and seventh among the nation's 50 largest metros for clean technology development concentration in 2012, according to the Metro Denver Economic Development Corporation.

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