WPX people are eager to increase local oil production in 2017. The company plans to invest $150-$170 million in the San Juan Basin next year.
Overall, WPX is looking to double its company-wide oil production over the next two years. The San Juan Basin operations are expected to contribute to that growth.
The company is optimistic about rising oil prices, too, which have been trading closer to $50 per barrel lately. Stronger prices have the potential to help spur the local economy.
The Daily Times covered the region’s energy outlook in a Dec. 3 story. “Any price increase is a good thing,” said New Mexico Oil and Gas Association spokesman Wally Drangmeister.
For 2017, WPX plans to develop approximately 40 new local wells. The company’s office in Aztec has 80 employees that oversee our operations in the basin.
“We’re excited about rolling up our sleeves and getting back to work,” said WPX spokesman Kelly Swan.