U.S. Permian basin is positioned to play a major role in U.S. energy industry and the global oil market going forward.
Here are the key facts about the Permian basin:
Of the total number of rigs drilling in the United States, around 476 drilling rigs are in the Permian basin. That is more than 45 percent of total US rigs and more than 22 percent of rigs drilling worldwide. With such a huge number of rigs mostly drilling for oil, Permian basin oil production is only expected to continue to grow, leading US. to become the world largest crude oil producer.
Permian Basin Rigs
Permian basin produces more than 30 percent of the total U.S. crude oil production. EIA forecasts that Permian production to average 3.4 million b/d in 2018, an 871,000 b/d increase from 2017, and average 3.9 million b/d in 2019, a 514,000 b/d increase from 2018.
Permian basin holds around 9.8 billion barrels of crude oil proved reserves. That is more than 40 percent of U.S. crude oil proved reserves.
If the Permian basin was part of OPEC, it would be the fourth-largest OPEC member, right behind Saudi Arabia, Iran and Iraq. In fact, Permian basin could soon overtake Iran in terms of oil production.
