Study details Permian’s role in reserves growth – Midland Reporter-Telegram

A deep dive into the nation’s oil and gas reserves and production recently was undertaken by Ernst & Young LLP, looking at reserve disclosure information from 2014 through 2018.
That period ranges from the triple-digit prices of early 2014 through the crash to near $30 a barrel in early 2016 and the price recovery since then. The study found continued production growth, rising 1.6 million barrels a day to average 11 million barrels a day in 2018. The Energy Information Administration is forecasting U.S. production will average 12.3 million barrels a day in 2019 and 13.3 million barrels a day in 2020, boosted by growth in the Permian Basin. The EIA forecasts the Permian Basin will produce 5.4 million barrels a day by the end of 2020, comprising 41 percent of total U.S. production.
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