The Permian Basin of west Texas and southeast New Mexico remains a significant oil-producing province and contains an estimated 30 billion barrels of remaining mobile oil. The Permian Basin produces 17% of the nation’s crude oil and 2/3 of Texas’ crude oil. Proved reserves of oil in the region are second only to Alaska.
Current Locations of Permian Basin:
The U.S. Energy Information Administration offers additional information about the rising production in the Permian Basin: “The Permian Basin—a long-time oil and natural gas producing region in west Texas and eastern New Mexico—is showing signs of new life. The active rig count has grown from 100 rigs in mid-2009 to over 500 rigs in May 2012. According to data from HPDI, oil production from the Permian has increased fairly steadily over the past few years, reaching the 1 million barrels per day (bbl/d) threshold in 2011—the first time since 1998.”
To read more about the opportunities in the Permian Basin, go to www.eia.gov.