Investments in the Permian Basin represent $2 of every $10 spent on oilfield services and equipment worldwide, according to analysis by an Oklahoma-based consulting firm. Spears & Associates said spending on drilling in the Texas basin, which is roughly the size of Florida, will rise by 50 percent this year from the boom of 2014. “The oil is a half day’s drive from the global headquarters of most oil companies, sits smack in the middle of the world’s largest consuming nation, the natives are friendly, and the government’s ‘take’ is light,” Spears wrote. “We are confident that the Permian will grow from here.” After the oil price crash that began in mid-2014, crude oil production growth in the United States stalled. In 2016, annual production in the Bakken and Eagle Ford formations fell by 10-20 percent. Still, production in the Permian Basin continued to grow. Amazingly, the Permian is […]