What Is The Permian Basin?

The Permian Basin is located in western Texas and southeastern New Mexico. It is 250 miles wide and 300 miles long, and covers several Texas counties, including:

The first commercial well in the Permian Basin was drilled in 1921, in Mitchell County. Permian Basin production continued on and off thereafter. Production fell of dramatically during the 1980s due to an oil glut and ensuing crash in oil prices. Beginning in the 2000s, however, increased prices and improved drilling techniques led to a new boom in the Permian Basin. As of 2014, there were more than 80,000 producing wells in the Permian Basin.

Oil produced per year from 2005-2012 in the Permian Basin is as follows:

2005           253 million barrels
2006           252 million barrels
2007           251 million barrels
2008           260 million barrels
2009           260 million barrels
2010           270 million barrels
2011           295 million barrels

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