The Permian Basin is no stranger to exceptional oil production. To put the Permian into perspective, we’ve compiled 3 reasons why size matters.
When it comes to oil, the Permian Basin is no stranger to exceptional production. Half way through 2017, the Permian has already increased oil production by 16.2% since the start of the year. That’s approximately 2.5 million barrels of oil per day, accounting for 20% of the entire country’s oil production. Ten years ago, the Permian Basin was producing just 800k barrels of oil per day. According to the EIA’s April 2017 report and their weekly Drilling Productivity Report, new rigs and overall oil production in the Permian will continue to increase throughout the year.
You’ve seen the numbers and graphs, but to put the Permian Basin into perspective, we’ve compiled three big reasons why the Permian outperforms the rest in the infographic below.