How did the Permian Basin sequence form?
Basin formation resulted during the onset of a major continental collision event (the Pennsylvanian Ouachita- Marathon orogeny). During regional subsidence through most of the Permian, the basins accumulated 2,100m to over 4,200m of clastic, carbonate, and evaporate strata.
What formations are in the Permian Basin?
In 2013, the Permian Basin accounted for 18% of total U.S. crude oil production. The recent increase in Permian crude oil production is largely concentrated in six low-permeability formations that include the Spraberry, Wolfcamp, Bone Spring, Glorieta, Yeso, and Delaware formations.
Is Permian Basin unconventional?
The geology of the Permian Basin is unique because it contains multiple “stacked plays.” These enable a single well to produce oil and natural gas from several layers of rock in different geological zones. Our Permian unconventional portfolio has more than doubled in value from 2017 to 2019.
What type of rocks are reservoirs in the Permian Basin?
Maximum thickness of Upper Permian sedimentary rocks is less than 10,000 ft. Reservoirs: Major reservoir rocks consist of fine-grained basinal sandstone interbedded with laminated siltstone, organic-rich shale, limestone, and dolomite. In the Ozona Arch area, the reservoirs are open- shelf sandstones.
Who is the largest oil producer in the Permian Basin?
Pioneer Natural Resources
Pioneer Natural Resources is buying its neighbor in the Midland Basin, making it the largest producer in the Permian Basin. Irving-based Pioneer is using a combination of its own stock, cash and debt to purchase Fort Worth-based DoublePoint Energy in a deal valued at $6.4 billion.
What is the Permian Basin known for?
Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. Owing to its economic importance, it is one of the most well-studied geologic regions of the world.
Who owns the most land in the Permian Basin?
Occidental Petroleum
Occidental Petroleum is the largest land holder in the top U.S. shale field, followed by Chevron.
How many drilling rigs are in the Permian Basin?
Growing rig counts: 242 in Permian Basin, 228 in Texas, 491 in U.S. Permian Basin, Texas and U.S. continue to add oil and gas drilling rigs.
What type of basin is the Permian Basin?
sedimentary basin
The Permian Basin is a large sedimentary basin in the southwestern part of the United States. The basin contains the Mid-Continent Oil Field province. This sedimentary basin is located in western Texas and southeastern New Mexico.
Who owns Permian Basin?
ConocoPhillips
Texas-based ConocoPhillips bought Shell’s Permian Basin assets for $9.5 billion, its second major purchase in the oil-rich area over the last year.
Which basin in Texas is rich in petroleum?
Permian Basin
Permian Basin, also called West Texas Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. Owing to its economic importance, it is one of the most well-studied geologic regions of the world.
What is the Permian Basin?
The Permian Basin in Texas and New Mexico is the nation’s most prolific oil producing area. Six formations within the basin have provided the bulk of Permian’s 60% increase in oil output since 2007. Crude oil production in the Permian Basin has increased from a low point of 850,000 barrels per day (bbl/d) in 2007 to 1,350,000 bbl/d in 2013.
What are the Pennsylvanian Strawn and Atoka formations?
Below the Wolfcamp formation lie the Pennsylvanian Strawn and Atoka formations. Although difficult to predict, there are conventional pay intervals that develop locally within these formations which, when present, can add significant reserves.
Where is the Wolfcamp Formation in the Permian?
The Wolfcamp formation extent in the Permian Basin The Wolfcamp Shale, a Wolfcampian-age organic-rich formation, extends in the subsurface under all three sub-basins of the Permian Basin (Delaware Basin, Midland Basin, and Central Basin Platform) and is the most prolific tight oil and shale gas-bearing formation contained within.
Where did the increase in Permian Crude oil production come from?
Almost three-quarters of the increase in Permian crude oil production came from the Spraberry, Wolfcamp, and Bone Spring formations. Counties in these three formations have driven the increase in the Permian Basin’s horizontal, oil-directed rig activity in recent months.