09 Apr The Permian Basin – Will it ever slow down?
The Permian Basin has been one of the country’s greatest resources for a long time and it’s not ready to give up that title any time soon. Providing oil since the very first well was built in 1935, the Permian Basin is approaching it’s 100th year of oil production and has produced more than 30 billion barrels of oil! But, according to HIS-Markit, it still contains more than double the amount that has already produced over the past 94 years!
The key components of the Permian Basin are The Midland Basin, The Central Basin Platform, and The Delaware basin. All three-remained stable in 2016 when the rest of the world was dealing with the harsh economic turmoil, even continuing to grow!
Today, production is reaching a record 2.8 million barrels per day, making it the world’s second most productive field, behind Ghawar in Saudi Arabia. By producing more oil than any expert ever thought possible, it means that the price at the pump can continue to stay low, and we can be less dependent on oil coming from Saudi Arabia.
Two out of three oil rigs deployed in the past 18 months in the United States have been in the Permian Basin, according to a report by the International Energy Agency, with output expected to more than double by 2023. And while oil is the star of the show, natural gas production is also quite significant and continues to grow. This goes to show that there are no signs of slowing down in the Permian Basin.
Want to keep an eye on the Permian Basin? Good news – you can! Micotan’s Whelby product lets you constantly see what’s new and exciting in the oil world. If you’re already working in the Permian Basin, take advantage of Micotan’s Generwell software to effectively manage your resources.