Fidelity Exploration & Production is planning to invest $2.1bn over the next five years, including $306m in 2011, to develop its existing reserves in the US.
Fidelity has moved the second drilling rig to the Bakken oil play and is preparing to start a growing multiyear development programme.
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The firm expects to spud the TTT Ranch 33-28 well located in Mountrail County, North Dakota, next week, targeting the middle Bakken formation.
The firm is planning to drill 18 wells on its Bakken and Three Forks acreage in North Dakota, including six in Stark County for 2011.
Fidelity is also planning to enhance its development by drilling 12 wells in Mountrail County and 12 wells in Stark County in 2012.
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By GlobalData
