A recent report by the Permian Strategic Partnership provides insight into the importance of the basin to the national and international energy industries.
With 92 billion barrels of oil in proven reserves and sufficient natural gas resources to respond to the total household needs of the U.S. for 60 years, the Permian Basin is “the most prolific energy basin in the free world,” according to a press release from the partnership.
“We have known for years that the Permian Basin is home to enormous untapped potential, and this report brings that potential into clear view,” Don Evans, chair of the partnership and a former U.S. Secretary of Commerce, is quoted as saying in the release.. “The region’s vast reserves solidify the Permian Basin as a global leader in energy and will ensure America’s energy security for decades to come. Proper infrastructure investments are critical to the future productivity of the Permian and the extraordinary economic benefits it provides.”
The report addresses the need for improved infrastructure for future development of the basin’s resources, according to the release.
The report also concluded that the productivity of the Permian Basin will not suffer significant adverse effects from the economic crisis created by restrictions related to COVID-19, according to the release. Researchers used some of the latest data available from Texas A&M University in reaching the conclusion.
“The Permian Basin has positively impacted every community in Texas and New Mexico,” Tracee Bentley, Permian Strategic Partnership CEO, is quoted as saying in the release. “The region’s energy industry provides good-paying jobs with salaries well above the state average that support thousands of American families."
The basin region contributed an estimated $4 billion in tax revenues and royalties to state education funds, according to the release.
“As the industry recovers from the impacts of a global price war and pandemic, the vast energy resources of this region will continue to benefit students, teachers, and first responders throughout Texas and New Mexico,” Bentley is quoted as saying.