‘Game-Changing’ new research on prolific Permian Basin estimates 60 billion to 70 billion barrels remain

26 Sep 2017   Shale Oil

Energy researchers at IHS Markit have completed the first, three-year phase of a massive Permian Basin research project that models and interprets the giant basin’s key geologic characteristics to better estimate its remaining hydrocarbon potential, and initial results indicate the giant basin still holds an estimated 60 billion to 70 billion barrels of technically recoverable resources. To conduct this new analysis, researchers used the IHS Markit historical well and production database that includes more than 440,000 Permian Basin wells, and a new proprietary software tool that, for the first time, enables them to leverage interpreted formation ‘tops’ data to identify accurate formations for completion intervals on hundreds of thousands of wells. These results significantly alter the understanding of the Permian Basin’s resource potential, according to new analysis from IHS Markit (Nasdaq: INFO), a world leader in critical information. “When a geologist looks for new oil reserves , we typically […]

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