Oil production in the Permian Basin, already a major force in global supply growth, will rise nearly 3 million barrels a day (mbd) by 2023—a level of growth exceeding most recent estimates, says IHS Markit. What the report describes as a “stunning” level of growth will comprise more than 60% of net global production growth during that timeframe. T
otal oil production in the Permian will be 5.4 mbd in 2023, more than the total production of any OPEC country other than Saudi Arabia. Nearly 41,000 new wells and $308 billion in upstream spending between 2018-2023 will drive that growth. Production of both natural gas and natural gas liquids (NGLs) in the Permian are also expected to double during this period, reaching 15 billion cubic feet a day and 1.7 mbd, respectively.