IHS Markit forecasts Permian basin oil production will double from 2018-23
https://www.ogj.com/articles/2018/06/ihs-markit-forecasts-permian-basin-oil-production-will-double-from-2018-23.html06/13/2018
Permian basin oil production is forecast to reach 5.4 million b/d by 2023—more than current production from any single Organization of Petroleum Exporting Countries member other than Saudi Arabia, IHS Markit said in a new report.
Permian oil production already is a major force in world supply growth, the report said, adding that IHS Markit analysts expect a “stunning†level of growth that will comprise more than 60% of net world production growth.
The growth will come from nearly 41,000 new wells and $308 billion in upstream spending during 2018-23. Production natural gas and natural gas liquids in the Permian also is forecast to double during this period, reaching 15 bcfd and 1.7 million b/d, respectively.
“In the past 24 months, production from just this one region—the Permian—has grown far more than any other entire country in world,†said Daniel Yergin, vice-chairman, IHS Markit. “Add an additional 3 million b/d by 2023—more than the total present-day production of Kuwait—and you have a level of production that exceeds the current production of every OPEC nation except for Saudi Arabia.â€...
