Permian, Gulf Oil Boom to Continue in 2019

There are signs 2019 could be another banner year for the energy industry-- especially Texas oil producers.


The Permian Basin will continue to keep Texas near the top of global oil production, even with ongoing obstacles slowing down pipelines.


“The good news is you have about 1-2 million barrels per day of extra capacity expected in 2019, and an additional 3-4 million barrels per day of capacity in 2020 and 2021,” says Steve Everley at FTI Consulting.


“Getting new pipelines out of the Permian and allowing that oil to get to market will be critical to keeping the United States a global leader in oil and gas production,” he says.  “It will be important for the Texas economy moving forward as well.”


Then there's BP, which just announced $1.3 billion development in the Gulf of Mexico.  


“Don't want to forget about the Gulf of Mexico which is providing the United States with about 17-18 percent of the oil for the country,” says BP press officer Jason Ryan.


“A discovery out of our Manuel prospect will be tying into our Na Kika Platform,” he says.  “We also did announce a position we are taking with a company called LLOG and it's a prospect called the Nearly Headless Nick discovery.”

 

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