The Permian Basin will continue to drive oil and gas production growth in the United States in the coming months, as drilling activity in the region steps up and the backlog of uncompleted wells is cleared.
The Permian straddles western Texas and eastern New Mexico, and has been a centre of intense interest for shale investors. The basin includes regions such as the Wolfcamp, which is regarded as potentially among the most prolific shale plays in the world. The US Geological Survey last year estimated the Wolfcamp may contain recoverable reserves of 20 billion barrels of oil. Major oil companies such as ExxonMobil and Chevron – initially slow to put money into US shale – have recently announced multi-billion dollar investments in the basin.
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