Since the early days of petroleum exploration in Texas, the Permian Basin has produced the lion’s share of crude oil and associated energy revenues that have provided for substantial investment in this state.
The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. The Permian Basin covers an area approximately 250 miles wide and 300 miles long. Various producing formations such as the Yates, San Andres, Clear Fork, Spraberry, Wolfcamp, Yeso, Bone Spring, Avalon, Canyon, Morrow, Devonian, and Ellenberger are all part of the Permian Basin, with oil and natural gas production ranging from depths from a few hundred feet to five miles below the surface. The Permian Basin remains a significant oil-producing area, producing more than 270 million barrels of oil in 2010 and more than 280 million barrels in 2011. The Permian Basin has produced over 29 billion barrels of oil and 75 trillion cubic feet of gas and it is estimated by industry experts to contain recoverable oil and natural gas resources exceeding what has been produced over the last 90 years. Recent increased use of enhanced-recovery practices in the Permian Basin has produced a substantial impact on U.S. oil production.
For calendar year 2012 (the most recent total production year available),the Texas Permian Basin’s crude oil production accounts for 57 percent of Texas’ statewide total crude oil production or approximately 430 million barrels. For all Texas liquid production including crude oil and condensate (condensate is the liquid hydrocarbons produced with natural gas including butane, propane, etc.), the Permian Basin represents 51 percent of the total statewide Texas liquid production or approximately 509 million barrels of crude oil plus condensate), per current Commission production reports. The Permian Basin accounts for 14 percent of the total annual U.S. oil production or approximately 2 billion barrels according to data obtained from the U.S. Energy Information Administration . Statewide, Texas’ annual crude oil production represents about 25 percent of the total U.S. oil production.
The Texas Permian Basin’s crude oil production accounts for 57 percent of Texas’ statewide total crude oil production or approximately 430 million barrels and accounts for 14 percent of the total annual U.S. oil production or approximately 2 billion barrels according to data obtained from the U.S. Energy Information Administration.
Perfectly positioned, not only geographically, but also in terms of its ability to provide the essentials for wind industry growth, Midland's principal advantages include its initiatives for workforce development and existing wind industry training curriculum. Add to that a myriad of existing support businesses - already proven in the oil and gas industry - that are equipped to provide engineering, finance, marketing, data processing and legal expertise - and Midland becomes a leading contender for emergent wind and alternative energy industry growth.
The Midland Development Corporation assisted with the funding for equipment for Midland College's Wind Energy Training curriculum to assist in developing and improving the workforce for existing industries as well as new wind industry companies.
Midland's abundant days of sunshine annually and large amounts of unused acreage make it an attractive place for solar power generation. Add in a skilled workforce with a history in energy production you have a location that is prime for solar product manufacturing.
Photo courtesy of Duke Energys No Trees Project
Midland partnered with Texas Tech University System with start-up funds for the formation of the National Institute for Renewable Energy(NIRE), an independent public-private collaboration that works to solve key scientific and technology challenges facing the wind power industry.
|Midland's advances in renewable energy and emerging technology is strengthening the diversity of Midland's economy beyond the oil and gas sector; while having the foresight to move into new advances for the future of Midland... and the world.|