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Oil Fields

Could 2017 be the Year for Permian Basin?

As the oil slump moves slowly toward recovery, prognosticators are noting that more rigs will likely be up and operating throughout the Permian Basin. The area, which took a huge hit when oil prices took a dive, could see anywhere from 40 rigs to 150 rigs, depending on the analyst.

Joseph Triepke, founder of research firm Infill Thinking, is predicting 150 rigs added, assuming the recent OPEC oil deal holds. “Companies were going to raise spending levels anyway,” Triepke told the Odessa American. “OPEC was just icing on the cake.”

Jodi Quinnell, with energy intelligence firm Genscape, also indicated that Permian Basin was shaping up to be active, which it has been. Companies in recent months have participated in billions of dollars of land grabs throughout the basin, pushing up the acreage value.

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Inside The Story

Read More at Odessa AmericanConnect with Genscape's TriepkeConnect with Infill Thinking

About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

  • ◦Economy
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