BENTEK: Permian Basin Oil Production Projected to Grow Almost 60% by the End of 2016

Aug. 15, 2012 - PRLog -- EVERGREEN, CO (August 15, 2012) – BENTEK Energy, a leading energy markets information and analytics company, projects crude oil production in the Permian Basin will reach at least 1,819 Mb/d by 2016, an increase of almost 60% or 532 Mb/d from current levels.  The Permian has shown consistent month-on-month crude oil production growth since May 2011, and will continue increasing over the next five years due to high levels of drilling activity.  Overall crude oil production in the Southeast/Gulf is expected to increase more than 45% by the end of 2016, with the Permian significantly driving this growth.  BENTEK’s PADD 3 (Southeast/Gulf) Crude Oil Production Monitor reports that at current production rates, pipeline takeaway capacity out of the Permian will be constrained by early 2013.  

To relieve transportation constraints, as much as 1,000 Mb/d of pipeline takeaway capacity in the Permian is being proposed to come online by the end of 2014. This includes the BridgeTex and Permian Express projects, which have the potential to add as much 628 Mb/d of takeaway capacity by the end of 2014.
 
BENTEK’s PADD 3 (Southeast/Gulf) Crude Oil Production Monitor includes a review of recent infrastructure and transaction announcements in the region.  The August 2012 edition of the Production Monitor reports that Chesapeake expects to enter into three transactions for the Permian, including an agreement signed with EnerVest for its producing assets in the Midland Basin and two bids being made for the Texas and New Mexico Delaware Basin. Sumitomo agreed to invest $1.4 billion, in both cash and a drill carry, in exchange for a 30% interest in Devon’s 650,000 net acres in the Cline and Midland-Wolfcamp shales.  Finally, the report states that Noble sold certain Permian properties, including 250 producing wells on about 11,000 net acres, to Sheridan Holding.

Follow this resurgent region with the PADD 3 (Southeast/Gulf) Crude Oil Production Monitor, which provides timely coverage of the fastest-growing crude oil plays in the Southeast/Gulf, including sections dedicated to the Permian and Eagle Ford.  

For more information about this report or BENTEK’s full line of Crude Oil Production Monitors, go to http://www.bentekenergy.com or call 1-888-251-1264.  

Access more information about the PADD 3 (Southeast/Gulf) Crude Oil Production Monitor: http://www.bentekenergy.com/PADD3SoutheastGulf.aspx