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Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil

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The lucrative Permian Basin still holds between 60 and 70 billion barrels of unharvested oil, IHS Markit Ltd said this week.

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 Permian Basin is America’s super basin in terms of its oil and gas production history and for operators it presents a significant variety of stacked targets that are profitable at today’s oil prices,” IHS Markit researcher Prithiraj Chungkham said in a statement from the London-based organization.

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…

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Written by Zainab Calcuttawala for OilPrice.com

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