By DAVID CORREIA
The massive Permian Basin in west Texas and eastern New Mexico, at more than 75,000 square miles, is among the world’s largest deposits of sedimentary rock from the Permian geologic period. It is also a major oil and gas field that has produced nearly 30 billion barrels of oil and 75 trillion cubic feet of gas since 1921.
And it’s just getting started. Oil and gas production numbers have nearly doubled in the past ten years, and each year the basin sets new records for drilling permits issued and total oil recovered. Today Permian Basin oil production accounts for nearly 15 percent of total annual U.S. oil production.
Despite this sustained spike, there’s no end in sight. Production numbers continue to rise each year right along with recoverable reserve estimates. Geologists now think that current recoverable reserves in the basin exceed the total production numbers of the…
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