MIDLAND, Texas — Diamondback Energy, Chevron and Oxy are three examples of oil and gas companies in the Permian Basin, but that’s not all they have in common – they are also members of the American Petroleum Institute, or API.
One thing API provides is the best standards for health, safety and environment to make sure oil and gas is produced the right way.
It is the largest oil and gas trade association in the world, with over 600 members, and it is an advocacy organization for the industry.
“Well one of the most important parts in the world right now is right here in Texas – in the Midland, Odessa, Permian Basin area," said Mike Sommers, President and CEO of API.
The Permian Basin has long been a crucial energy provider in the world through the oil and gas industry, and in 2023, it might be more important than ever before.
“It is definitely the most secure and prolific region in the world to produce oil and natural gas, and it’s one of the reasons why we need to continue to invest in this region – and particularly invest in oil and gas," said Sommers. "We need to build out this region so it has the network of good schools and hospitals and services that everyone needs, because we’re going to have a lot of workers here for decades and decades to come.”
As the need for oil and gas follows that same timeline, Sommers says the industry will need stable governments that support it.
Earlier this year, API put forward a plan called ‘make, move and improve’ that is a 10-policy proposal, highlighted by permitting reform to keep resource development going.
“We think that this is a plan that Republicans and Democrats can agree on, because I think every Republican and every Democrat understands the importance of producing American energy here at home," said Sommers. "So, we’re going to work with congress, we’re going to work with state legislatures, as well, to get this plan enacted as quickly as possible.”
Sommers believes energy security is key for America to be successful, and the Permian Basin is in position to be the driving force.
“It’s important that Americans focus on two things – that we need to ensure that we have energy security for the American people while keeping prices low, and that’s what the Permian Basin provides for our industry and the world.”
When it comes to energy security, Sommers said he expects that to be a key theme next month in Houston during CERAWeek, the largest energy conference in the world.
The conference brings industry and world leaders together to discuss the future of energy here in the United States and the world.