American Oil and Gas Reporter - September 2020 - 90

pages 85-91_Layout 1 9/21/2020 2:25 PM Page 90

Report Explains Basin's Opportunities
MIDLAND-The Permian Basin is the
most prolific energy basin in the free
world, according to the Permian Strategic
Partnership, a coalition of 20 leading
Permian Basin energy companies that
aim to improve the region's quality of
life and meet challenges that may hamper
development.
The basin contains more than 92 billion
barrels of oil in proven reserves and
enough natural gas to meet U.S. household
demand for 60 years, says a report released
by the partnership that quantifies the generational economic opportunities of the
Permian Basin, as well as the implications
its energy resources have for the United
States and the globe.
While containing a small fraction of
the populations of Texas and New Mexico,
the report goes on, the Permian is capable
of contributing nearly 11% of Texas's
gross domestic product and more than
18% of New Mexico's.
"We have known for years that the
Permian Basin is home to enormous untapped potential, and this report brings
that potential into clear view," assesses
former U.S. Secretary of Commerce Don

Evans, who serves as chairman of the
Permian Strategic Partnership. "The region's vast reserves solidify the Permian
Basin as a global leader in energy and
will ensure America's energy security for
decades to come. Proper infrastructure
investments are critical to the future productivity of the Permian and the extraordinary economic benefits it provides."
Drawing on data from the Texas
A&M University System, the report
finds that despite economic uncertainty
caused by the COVID-19 pandemic and
a global market still in recovery, Permian
Basin energy production will continue
to provide statewide economic and education benefits.
"The Permian Basin has positively impacted every community in Texas and
New Mexico," assesses Permian Strategic
Partnership Chief Executive Officer Tracee
Bentley. "The region's energy industry
provides good-paying jobs with salaries
well above the state average that support
thousands of American families. In 2019
alone, the region contributed nearly $4
billion in tax revenues and royalties toward
state education funds. As the industry re-

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90 THE AMERICAN OIL & GAS REPORTER

covers from the impacts of a global price
war and pandemic, the vast energy resources of this region will continue to
benefit students, teachers and first responders throughout Texas and New Mexico."
Not If, But When
The report's executive summary notes
that Texas A&M researchers predict the
region will produce between 3.2 million
and 5.6 million barrels of oil a day and
between 10.1 billion and 19.7 billion cubic
feet of natural gas a day in the years
ahead, despite the economic headwinds
associated with the COVID-19 pandemic.
"Given the uncertain market conditions across the globe caused by the
pandemic, many experts wonder if demand may return to pre-2020 levels,"
the report says. "But, as this report will
demonstrate, asking 'when' rather than
'if' production will return to its previous
levels is the more appropriate question.
By evaluating historic trends, relevant
economic data and forecasts, we can
safely predict that in time demand will
return, rig counts will rise, and production
will resume its climb.


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American Oil and Gas Reporter - September 2020

Table of Contents for the Digital Edition of American Oil and Gas Reporter - September 2020

Contents
American Oil and Gas Reporter - September 2020 - Intro
American Oil and Gas Reporter - September 2020 - 1
American Oil and Gas Reporter - September 2020 - 2
American Oil and Gas Reporter - September 2020 - 3
American Oil and Gas Reporter - September 2020 - 4
American Oil and Gas Reporter - September 2020 - Contents
American Oil and Gas Reporter - September 2020 - 6
American Oil and Gas Reporter - September 2020 - 7
American Oil and Gas Reporter - September 2020 - 8
American Oil and Gas Reporter - September 2020 - 9
American Oil and Gas Reporter - September 2020 - 10
American Oil and Gas Reporter - September 2020 - 11
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https://www.nxtbook.com/nxtbooks/aogr/202009
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