The Permian Basin is a gift that keeps on giving. Oil producers have pumped out an astounding 30 billion barrels from the region since its discovery in 1921. However, an estimated 46 billion barrels of recoverable oil remain on the Delaware Basin side alone. The region has decades of growth ahead.
An oil growth engine of epic proportions
Oil output in the Permian currently averages around 3.85 million barrels per day (BPD), according to data from midstream giant Enterprise Products Partners (NYSE:EPD). However, it’s set to grow by nearly 1 million BPD over the next year and should reach almost 8 million BPD by 2025. That’s an incredible 107% increase for what’s already one of the largest oil fields in the world.