The prolific Permian Basin, a mature hydrocarbon ‘super basin’ located in west Texas and southeastern New Mexico, reached a new oil-production record of 815 million barrels or more in 2017—far exceeding its previous peak of 790 million barrels set in 1973, according to IHS Markit.
The 2017 production milestone does not just crawl past the previous 1973 peak, but eclipses the 44-year-old previous production record by more than 25 million barrels.
“The magnitude of the rebound in Permian Basin liquids production is unprecedented,” said Reed Olmstead, director, energy research and analysis, IHS Markit. “Not so long ago, many in the industry were saying the Permian was dead, but the Phoenix has again risen from the ashes and is soaring to new heights. The Permian Basin is on track to add more than two million barrels per day in new production since 2007, and after the final-year production count is in for 2017, we will see the previous all-time liquids-producti
