The Permian Basin will need $310 billion over the next five years in order to continue to grow and potentially add 3 million barrels of oil production by 2023.
The investments would fund the drilling and completion of up to 41,000 new oil wells in the West Texas region, according to a new report by the consulting firm Arthur D. Little.
The Permian, which is the top oil producing field in the United States, is producing more than 3.4 million barrels of oil a day. Growth of 3 million barrels a day by 2023 would put it near 6.5 million barrels a day, a production level above Canada, Iran and Iraq.
The Permian has faced continuing constraints on its growth as pipelines out of the region fill and companies struggle to hire enough workers for the labor-heavy jobs in the field, from drilling rigs to transport trucks.
— Read on www.mrt.com/business/energy/article/Report-Permian-will-need-300B-over-next-5-years-13274898.php