The Permian Basin in west Texas and southeast New Mexico remains the number one interest of oil and gas exploration in the U.S.
Not even Oklahoma’s growing STACK and SCOOP plays can compare. The Permian Basin Petroleum Association says more than 40 percent of the rig activity in the U.S. is in the Permian. Further, the Permian rigs represent 71 percent of all active drilling in the state of Texas.
The Permian was the main interest at the recent NAPE Convention. Previously known as the North American Prospects Expo, it was held in Houston.
As one published report described it, “The Permian Basin far and away stole the show.” And as oil prices rise, so will the interest of energy explorers in the Basin. One petroleum engineer even predicts the Permian production will double by 2025. By the end of the year, some even predict the Permian’s oil outflow will be greater than the production of the Eagle Ford Shale and the Bakken Shale combined.