U.S. Energy Secretary Chris Wright visited Midland, Texas, as part of the Great American Energy Comeback Tour, highlighting the Permian Basin as a major contributor to domestic energy production. Wright toured an ExxonMobil drilling site and met with industry leaders to discuss production, technology and the region’s role in U.S. energy policy. Permian oil output has grown from roughly 900,000 barrels per day in 2010 to more than 6.5 million barrels per day, representing nearly half of current U.S. oil production.
Natural gas production in the basin has expanded as well, rising from about 4.5 billion cubic feet per day in 2010 to approximately 28 billion cubic feet per day. The growth reinforces the importance of continued investment in drilling technology, processing, transportation and Permian natural gas takeaway capacity. Wright also indicated that federal officials are preparing measures intended to encourage additional fuel production from U.S. refiners, placing domestic oil, natural gas and refining capacity at the center of current energy policy discussions.
For energy markets and investors, the Midland visit highlights the scale of the Permian’s contribution to U.S. supply and the continuing policy attention surrounding the infrastructure and operating capacity needed to support production.
Source: The Texan
Read the full original article here
