ExxonMobil and Chevron are converting the Permian Basin into a manufacturing operation
Oil rigs stand in the Permian Basin area of Odessa, Texas, U.S., on Saturday, Jan. 19, 2019. . Photographer: Sergio Flores/BloombergThe exploration for oil and natural gas has always been among the most risky propositions in the business world.
At that point, the main considerations became how to re-use, dispose of or sell the largely-potable water that came up out of the wells, and building out the necessary transportation and processing infrastructure needed to get it to market. Once those concerns had been addressed, these companies and many others found themselves in what was essentially a true manufacturing environment
For those who may have missed those announcements, Chevron said it plans to produce 600,000 barrels of oil equivalent from its Permian operations by 2020, ramping that up to 900,000 boe by 2023. ExxonMobil anticipates being able to increase production from its 1.6 Permian position from roughly 200,000 boe today to 1 million boe by 2024. Both numbers are truly astonishing.
“Through these kinds of investments, we’re making sure that we are able to move our product out of the basin and able to connect our production in the Permian to our refining and chemicals infrastructure on the Gulf Coast.”
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