Within five years, America’s largest oil field will be pumping out more oil than every OPEC nation except for Saudi Arabia.
The Permian Basin, which stretches across west Texas and southeast New Mexico, is projected to produce 5.4 million barrels of oil per day by 2023, according to IHS Markit, a data and analytics firm.
The amount of new Permian production alone over the next few years is more than what Kuwait currently produces, according to Dan Yergin, vice chairman of IHS Markit.
The growth of the Permian has provided a significant lift for the New Mexico economy.
The Wall Street Journal recently described how small business owners in New Mexico are benefitting from the oil and gas boom. The report also detailed how the town of Hobbs is able to invest millions of dollars in new public infrastructure as a result of new economic activity and increased tax revenues.
Last month, the state Land Office announced record-setting revenue from oil and gas lease sales. For the fiscal year-to-date, state leasing has generated nearly $107 million, breaking the previous record of $102 million set six years ago.