IPAA Paints Model of Cooperation Between Independents and Majors Producing in the Permian Basin

摘要

The Independent Petroleum Association of America (IPAA) earlier this month offered up a particularly optimistic analysis and review of prospects for future oil and gas exploration in the Permian region, a long-time fertile producer basin in western Texas and extending into southeastern New Mexico. What make the Permian stand out, besides its size, is its huge diversity and its successful adaptation to multi-stage fracturing. According to the Texas Railroad Commission (TRC), “The Permian Basin has produced over 29 billion barrels of oil and 75 trillion cubic feet of gas, and it is estimated by industry experts to contain recoverable oil and natural gas resources exceeding what has been produced over the last 90 years.” The Permian contrasts with plays such as the Bakken, Haynesville or Fayetteville, due to its long history as a major, established producing region. Rather than being something totally new, the Permian’s long history is an “old” basin that has again been revived by new technologies, new geologic understanding, and new market environments.