Permian Basin: Difference between revisions
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==Exports== | ==Exports== | ||
In 2020, over 20% of U.S. crude oil production was exported, with the vast majority of those exports coming from the Permian. It's expected the Permian oil producers could become the driving force behind the second wave of LNG supply; which were the exact words of the chief executives at Gastech during a conference in Houston. | In 2020, over 20% of U.S. crude oil production was exported, with the vast majority of those exports coming from the Permian. It's expected the Permian oil producers could become the driving force behind the second wave of LNG supply; which were the exact words of the chief executives at Gastech during a conference in Houston. <ref>https://www.spglobal.com/commodityinsights/en/market-insights/podcasts/oil/020923-oil-gas-production-earnings-investment-inflation-americas-profits-upstream</ref> | ||
The Next Decade Chairman and CEO Mattschatzman said: <blockquote> ”The Permina Basic is going to change the global LNG landscape. Every incremental hydrocarbon produced from this day forward - whether its oil, liquids or gas, needs to be exported” </blockquote> | |||
Revision as of 23:27, 10 February 2023
The Permian Basin also known as the most prolific oil and gas field is located in West Texas and Southeast New Mexico; has been critical to the ongoing oil, gas, and petrochemical boom in the U.S. It is also considered a great example of environmental racism and injustice and is expected to become the world's largest source of climate pollution by 2030.
As reported by Texas Tribune in 2018, the Permian Basin's "unprecedented drilling boom" has turned West Texas into the world's "extraction colony," creating significant air pollution in the region while "threatening the planet."[1] The area's production of oil and gas has already quadrupled in the past decade and is projected to produce by the year 2050 nearly 40 billion metric tons of C02.
According to the Permian climate bomb; 80 percent of the emissions which account for over 30.6 billion tons of CO2, would come from burning the liquids and gas produced from new wells that were not in production at the end of 2020. The Permian accounts for 40% of the U.S. oil supply with around 5.4 million barrels of oil being produced per day and all came to be as a result of the Obama administration lifting a decades-long ban on exporting crude oil.
Exports
In 2020, over 20% of U.S. crude oil production was exported, with the vast majority of those exports coming from the Permian. It's expected the Permian oil producers could become the driving force behind the second wave of LNG supply; which were the exact words of the chief executives at Gastech during a conference in Houston. [2]
The Next Decade Chairman and CEO Mattschatzman said:
”The Permina Basic is going to change the global LNG landscape. Every incremental hydrocarbon produced from this day forward - whether its oil, liquids or gas, needs to be exported”