Production in the Permian Basin is going to kick it up a notch in the next five years, according to new analysis by Wood Mackenzie.
The Bone Spring and Wolfcamp plays could produce more than 1 million barrels of oil equivalent per day (BOE/d) by 2018, 38% of the basin’s total production.
By comparison, North Dakota, the second largest producer of U.S. oil, pumped out 800,000 barrels per day in July.
Where the oil flows so does cash. Capital invested annually in the two Permian plays is set to grow ...