The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico.
The Permian Basin covers an area approximately 250 miles wide and 300 miles long, with oil and natural gas production ranging at depths from a few hundred feet to five miles below the surface. The Permian Basin remains a significant oil-producing area, producing more than 270 million barrels of oil in 2010 and more than 280 million barrels in 2011.
The Permian Basin has produced over 29 billion barrels of oil and 75 trillion cubic feet of gas and it is estimated by industry experts to contain recoverable oil and natural gas resources exceeding what has been produced over the last 90 years.
Recent increased use of enhanced-recovery practices in the Permian Basin has produced a substantial impact on U.S. oil production. The Permian Basin is composed of more than 7,000 Railroad Commission (RRC) fields, and is best represented in RRC production figures as RRC districts 7C, 08, and 8A, covering 59 counties in West Texas.
Total cumulative oil production (1921 to present):
28,478,229,290 (approximately 29 billion barrels)
For calendar year 2011 (the most recent total production year available),the Texas Permian Basin’s crude oil production accounts for 67 percent of Texas’ statewide total crude oil production.
The Permian Basin accounts for 14 percent of the total annual U.S. oil production or approximately 2 billion barrels according to data obtained from the U.S. Energy Information Administration . Statewide, Texas’ annual crude oil production represents about 25 percent of the total U.S. oil production.
Currently 133,000 total wells are carried on the pro-ration schedule in the Permian Basin, 22,000 of which are listed as active injection/disposal wells and 82,000 of which are listed as active producing wells.