Oil Production Growth Forecast To Continue In Permian Basin

摘要

The Permian Basin in the midst of a remarkable rejuvenation. Even though the Permian already has produced more than 35 billion barrels of cumulative oil, daily production rates for both oil and natural gas are at levels never seen before in the basin. Questions abound. How high will the daily oil production go? How much more oil will the basin yield? When will production start to the decline?To answer these and other questions, a forecast model was constructed that is based on petroleum engineering methods and publicly available data, and driven by statistical descriptions. The model forecasts the basin's production rate may reach as much as high as 5.1 million-6.0 million barrels a day under an oil price scenario of $70/bbl and other plausible conditions. This peak rate would be approached by 2023-25.