Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
The recoverable resources in the basin shared by Texas and New Mexico could supply crude to every U.S. refinery for 12 years straight—that’s a total market value of $3.3 trillion at the going rate for West Texas Intermediate (WTI) barrels.
The data comes from a three-year study on 440,000 wells in the basin, which pumps more oil than any field in the continental United States.
The world’s top shale play, the Permian, has shown remarkable resilience amid the lower-for-longer oil prices. Permian production has grown and should continue its rise into the foreseeable future…
Written by Zainab Calcuttawala for OilPrice.com