Permian Basin In The US, 2013 – Oil And Gas Basin Analysis And Forecasts To 2020

July 8, 2013 - PRLog -- Permian Basin Witnesses Continuous Production and Development Activities

The Permian Basin is one of the most developed basins in the US, and has witnessed major production and developmental activities in Texas and New Mexico over the last five years. Total gross production from the Permian Basin amounted to 618.8 million barrels of oil equivalent (mmboe) in 2012. The Permian Basin production from Texas contributed around 464.6 mmboe in 2012, whereas New Mexico contributed around 154.2 mmboe.  

According to the Railroad Commission of Texas, Pecos County reported the highest gross production from the Texas Permian Basin in 2012, at around 50.3 mmboe, followed by Andrews County with gross production of around 37.8 mmboe. In the New Mexico Permian basin, Eddy County reported the highest gross production with around 84.7 mmboe, followed by Lea County with around 63.9 mmboe (Gotech, 2013; RRC Texas, 2013a).  

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The developmental growth of the Permian Basin has rewarded companies such as Occidental Petroleum Corporation, Devon Energy Corporation, Concho Resources Incorporated, and Apache Corporation, with a high volume of natural gas and high quality liquids. In 2012, Occidental Petroleum Corporation was one of the largest producers with around 89.8 mmboe from the Permian Basin. Kinder Morgan Incorporated and Devon Energy Corporation produced around 48 mmboe and 43.3 mmboe respectively in the same year (Gotech, 2013; RRC Texas, 2013a).

Overall gross production from the Permian Basin in the US is expected to amount to 663.7 mmboe in 2015 and 684.1 mmboe in 2020.

Drilling Continues with High Rig Count in Texas; Large Well Count Promotes Production in Permian Basin

During 2012, drilling activity in the Permian basin was focused primarily in Texas, where the number of operated rigs increased from 355 in 2011 to 421 in 2012.

There are currently around 82,000 actively producing wells in the Texas region of the Permian Basin. A large number of vertical wells in the Permian Basin have low Initial Production rates. However, although these wells produce lower volumes of oil in the initial phase of production, the large number of new wells added each year drives the overall growth of crude oil production from the Permian Basin. The Texas Permian Basin witnessed the growth of crude oil production from 287.5 million barrels of oil (mmbbl) in 2011, to 300.3 mmbbl in 2012 (Gotech, 2013; RRC Texas, 2013a).  

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Moreover, in the past three years there has been an increase in the number of drilling permits issued, from 6,830 in 2010 to 9,335 in 2012, which has resulted in an increased number of new wells being drilled in the Texas region. This has had a substantial impact on the overall growth of production from the Permian Basin (RRC Texas, 2013b).