The Permian Basin has experienced the brunt of the energy downturn in Texas, with Midland County perceived as the area’s last and only hope for a rebound.
The county accounted for about one-fifth of 110 drilling permit applications filed earlier this month with the Railroad Commission of Texas.
Among the applicants, Fort Worth-based Double Eagle Development has 10 drilling permits for horizontal wells targeting the Spraberry formation, followed by Austin oil company Parsley Energy and Houston pipeline operator Solaris Midstream, the Houston Chronicle reported.
Local oil company Concho Resources looks to drill in the Parks field.
Elsewhere in the Basin, Diamondback Energy, with headquarters in Midland, has plans to drill in Pecos, Howard and Reeves counties.
The Basin is waiting to see the impact of a new OPEC deal that was reached on Easter Sunday. The deal is expected to take nearly 10 million barrels off the market and keep it competitive despite low demand during the COVID-19 outbreak.