The Permian Basin Petroleum Association (PBPA) held their monthly informational luncheon on Thursday, Sept. 19 at the Petroleum Club in Midland. Mr. Jeffery Tillery, Director of Research for Tudor, Pickering, Holt & Company, gave an overview of the oil and gas industry. He projected that by 2020, the Permian Basin and the Eagle Ford could reach 4.5 million barrels of oil per day which would be approximately one-third of the total global crude supply. Mr. Tillery also feels that with the increased efficiencies in Drilling and Fracking, the Permian volumes could reach three million barrels of oil per day by 2025.
Mr. Tillery did not speak about the Cline Shale or other formations as these formations, (such as the Wolfcamp Midland, Wolfcamp Delaware, Wolfberry, Bone Spring, etc.) are considered part of the Permian Basin. Nolan County sits on the Eastern Shelf of the Permian Basin.
Additional speakers included Texas Land Commissioner Jerry Patterson and Texas Attorney General Greg Abbott. They both spoke on the issues of fighting the US Fish and Game over their attempt to place the Sagebrush Lizard and the Lesser Prairie Chicken on the endangered species list. If they are successful in placing them on the endangered species list, it will negatively affect Texas’ ability to drill for oil. It was also mentioned that for 15 plus years, Russia led the world in oil production. Recently the US took over first place and Russia is now in second place. They also spoke about the positive things the State of Texas continues to do on the side of economics and job growth including the following statistics:
• Texas in the number one job creator in the US for the 10th year;
• Texas has been ranked as the top state in the US for doing business for the ninth year in a row;
• Texas is the leading export state in the US for the last 11 years.
Attorney General Abbott’s office also filed a law suit against the Federal Government over Obamacare on the day Obamacare was introduced.
Locally, the next oil and gas information opportunity will be the Shale Show 2013. It will take place at the Nolan County Coliseum Complex and Oct. 1-2. For more information and a schedule for the Shale Show, go to http://www.shale-show.com .