Permian Basin in the US - Oil & Gas Basin Analysis and Forecasts to 2020
Submitted by: GlobalData
(OPENPRESS) July 6, 2012 -- The Permian Basin is proving to be the gift that keeps on giving as production levels continue to soar, finds a new report by business analysts GlobalData.
The report* states that companies involved in developing the basin have been richly rewarded up until this point, and can anticipate even greater productivity in the future.
Production in 2011 was at 508.8 Million Barrels of Oil Equivalent (MMboe) and this is predicted to climb to 534MMboe in 2013 and jump to 784MMboe in 2020, when levels are expected to stabilize.
As of April 15, 2012, there were around 492 rigs dotted around the Permian Basin, which spreads mainly across Texas and New Mexico. This is a 94 rig increase from the previous year and an indication of the development speed in the area.
The abundance of crude oil and gas from the basin is a continuing source of interest for oil and gas firms up and down the country. In 2012, Occidental Petroleum plans to invest $1,660m in the Permian Basin and the Cimarex Energy Company aims to invest to the tune of $775m in various development and drilling programs.
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The attractive rewards of this particular area has boosted deal activity substantially over the last few years, with no less than 13 deals completed in 2011 alone - representing a total value of $1,322m. One of the largest carried out during this period was Petrohawk Energy's strategic acquisition of around 325,000 net acres in the Texas region in a deal worth $455m.
In February of this year, Energen Resources announced their leasehold of 3,200 net acres in the Midland County of the Wolfberry play. Once this deal is completed, Energen will have expanded their access to around 8.5MMboe of proved and probable reserves in the play.
This report analyzes the recent activities in the Permian Basin and its emerging plays. It also details the operational activities in the basin, analyzing drilling activities and cost trends.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData's team of industry experts.
GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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