A recent GlobalData report predicts the production of crude oil and natural gas from the Permian Basin is likely to exceed pre-pandemic levels by 2022.
According to the report, "Permian Basin in the U.S., 2021 -- Oil and Gas Shale Market Analysis and Outlook to 2025," the Permian is producing about 4.6 million barrels of oil per day (mmbpd) at present and is projected to reach over 4.9 mmbpd of crude oil production by mid-2022, which surpasses pre-pandemic production of 4.8 mmbpd in February 2020.
"Since September 2020, the basin has seen a slow increase in rig count of about 7 percent," said Svetlana Doh, oil and gas analyst for GlobalData.
"The ease of restrictions and travel bans during 2021 has improved demand, encouraging production activities in the basin. We expect oil and gas companies to refocus on their core assets in the Permian Basin and ramp up their drilling and completion activities."
