Conoco and the Permian15 Mar 2019 18:58
Analysts: Permian Oil Output Set To Double By 2023
https://uk.finance.yahoo.com/news/analysts-permian-oil-output-set-180000699.html
Permian oil production— currently just shy of 4 million bpd—jumped by around 1 million bpd from a year ago and is set to jump by another 1 million bpd, to 5 million bpd, by early 2020, Eric Lee, energy analyst at Citigroup, told CNBC.
“We’re happy to look out to 2023, when it gets to 8 million. ... They figured out how to access it at very low break-evens, like $30/$40,” according to the analyst.
How come they never thought of unlocking the potential of the Permian in the USA between 1975 and 2005 - for thirty years American oil production declined - and yet nobody thought to unlock the potential of the oil resources in the Permian basin? Why not? Especially when 8 million bopd just from the Permian would be almost double the total US oil output in 2006 (from every state including Alaska). So why didn't the US companies/government tap into this resource before 2005? Seems a little odd or not?