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2023 State of Oil and Gas presentation promises bright year for the industry

The Permian Basin remains one of the top producers of oil and natural gas in the country.

MIDLAND, Texas — The 2023 State of Oil and Gas presentation was held Tuesday at the Bush Convention Center.

It seems that an increase in oil production will be coming to the Permian Basin, with keynote speaker Rich Dealy predicting high growth in the oil and gas industry until 2040.

However, it may also come with some slight stagnation in 2023.

"I think that we can expect some increase, and then it starts to level off," said Tracee Bentley, president and CEO of the Permian Strategic Partnership. "But I think importantly what we also learned today is that we know that the mineral is there. So, in order to increase production, we need to make some infrastructure investments, so that means more pipeline and more ways to get to the market product."

However, any type of growth in the oil and gas field can result in positive economic news for all of the Permian Basin.

With the growth coming, it will also come with more production of rigs and labor.

"Any area that is growing is going to be positive for the economics of the Permian Basin," Dealy said. "If you look at rig counts, like what I said, that is expected to grow from the 330 we have right now, to about 400 over the rest of this decade. Frack fleets are going to be up, service company and labor is going to be up, so all of these things bode well from an economic standpoint."

Economic success can be moved to other areas of the Permian Basin, which is why the Permian Strategic Partnership was created.

Pioneer Natural Resources, who also presented the presentation, and nineteen other oil and gas companies invest their money in work areas across the area to make it a better and safer place to live.

"We can put funds in a pool that can really be directed in scale and can be leveraged in other trusts and funds and foundations out there to really make a difference in education and health care and roadways," Dealy said.

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