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But in the last 6 months there have been truly epic discoveries across the previously unfavored Delaware segment of the the West Permian field, which suggest that the ultimate capacity of the field may indeed be huge.At the center of excitement is the Wolfcamp “play”.Business friendly Texas regulation gives the industry no reason to recycle.But even if they were to start using brackish water they may soon be competing with human drinkers in places like Odessa and Abilene.It then lapsed into prolonged stagnation as global oil prices in real terms slumped.But the combination of the oil price surge to 2014 and the advent of new horizontal drilling and fracking technologies has again transformed the region.But it is preeminently a business of land ownership and that requires huge capital and connections.
“According to analysis from leading Midland Basin producer Pioneer Natural Resources , the Permian could hold nearly 160 billion barrels of oil equivalent (BOE) recoverable resources, which rivals of Ghawar’s estimated 160 billion BOE.” Estimating oil reserves is a science that is inextricably tied up with the business of attracting investment capital and should be taken with a pinch of salt.
If there is a recent experience that inspires visions of the resurrection of American industry, it is the story of fracking which has transformed the US energy sector and threatens to do the same to the global oil industry.
By establishing the US as a low cost and highly flexible competitor, capable of rivaling OPEC it is likely to drive down oil prices globally with huge implications.
The industry is environmentally ruinous and may in due course run up against a major constraint in the form of the limited water supply.
The Permian basin is an area of massive water stress.