{"id":26142,"date":"2017-09-26T17:53:30","date_gmt":"2017-09-26T22:53:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26142"},"modified":"2017-09-26T17:53:30","modified_gmt":"2017-09-26T22:53:30","slug":"permian-still-holds-60-70-billion-barrels-of-recoverable-oi","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26142","title":{"rendered":"Permian Still Holds 60-70 Billion Barrels Of Recoverable Oi"},"content":{"rendered":"

Permian Still Holds 60-70 Billion Barrels Of Recoverable Oi<\/a>l<\/h3>\n\"Midland\"<\/picture>\n
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The lucrative Permian Basin still holds between 60 and 70 billion<\/a> barrels of unharvested oil, IHS Markit Ltd said this week.<\/p>\n

The recoverable resources in the basin shared by Texas and New Mexico could supply crude to every U.S. refinery for 12 years straight\u2014that\u2019s a total market value of $3.3 trillion at the going rate for West Texas Intermediate (WTI) barrels.<\/p>\n

The data comes from a three-year study on 440,000 wells in the basin, which pumps more oil than any field in the continental United States.<\/p>\n

\u201cThe Permian Basin is America\u2019s super basin in terms of its oil and gas production history and for operators it presents a significant variety of stacked targets that are profitable at today\u2019s oil prices,\u201d IHS Markit researcher Prithiraj Chungkham said in a statement from the London-based organization.<\/p>\n

The world\u2019s top shale play, the Permian, has shown remarkable resilience<\/a> amid the lower-for-longer oil prices. Permian production has grown and should continue its rise into the foreseeable future.<\/p>\n

Technological advances spurred the rapid rise of the Permian, but as drillers are set to continuously develop the hottest U.S. shale play, they may soon start to test the region\u2019s geological limits.<\/p>\n

\u201cThe technology vs. geology tug-of-war has the ability to profoundly alter the future production profile of the region, and ultimately oil price. Less Permian supply from 2021 onwards would exacerbate the global supply gap and effectively mean the U.S. cannot deliver what the market believes it can. Other sources of higher cost, conventional production would be needed,\u201d WoodMac\u2019s Robert Clarke noted.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil The lucrative Permian Basin still holds between 60 and 70 billion barrels of unharvested oil, IHS Markit Ltd said this week. The recoverable resources in the basin shared by Texas and New Mexico could supply crude to every U.S. refinery for 12 years straight\u2014that\u2019s a total […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[16171,16172,5332,3640,2063,14559],"class_list":["post-26142","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-able-oil","tag-new-mexioc","tag-oilprice-com","tag-permian-basin","tag-texas","tag-zainab-calcuttawala"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26142"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26142\/revisions"}],"predecessor-version":[{"id":26143,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26142\/revisions\/26143"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}