The prolific conventional and tight oil play in West Texas and the south-eastern part of New Mexico is also set to hit 5 million barrels per day in the next decade, becoming one of only a handful of regions in the world that will be able to meet rising oil demand.
The Permian basin – encompassing the Midland and Delaware basins - now accounts for over 50% of oil rigs operating in the US, the Pioneer boss said at the ONS conference in Stavanger.
The
