Permian Basin

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Permian Basin

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Permian to become fourth largest oil producer in world . Midland Reporter-Telegram .

Oil production in the Permian Basin will increase to more than 6 million barrels a day by 2025, which would be the fourth most in the world (if it were a country), according to a presentation from the Permian Strategic Partnership. PSP representatives said current production inside the Permian is around 3.5 million barrels a day. That means the area in West Texas and southeast New Mexico would rank eighth in the world. The rest of the United States, according to statistics provided, produces 6.8 million barrels. Russia with 11 million barrels and Saudi Arabia with 10.5 million barrels are first and second on the list. “History is being written in West Texas and southeast New Mexico,” said Michael Wise, executive vice president of the Permian Strategic Partnership. The PSP report also indicates that such production would result in a gross value of oil and gas at the wellhead of more than $200 billion a year by 2025 and the possibility of generating more than $120 billion in state severance tax and about $5 billion for “local county governments through 2030.”
Dan Steffens
Energy Prospectus Group
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