For all the woes the Permian Basin energy industry is currently experiencing – demand destruction from the COVID-19 pandemic and low oil prices – it still has a bright future.
“We think there’s a very bright future for the Permian Basin,” Bobby Tudor, chairman of Tudor Pickering Holt & Co. stated during the Permian Basin Petroleum Association’s 58th Annual Meeting, held virtually this year. “It will be different than what we were expecting. The Permian has great rock, great people, great companies and a great regulatory environment. The Permian Basin will continue to be a critical part of the global energy picture.”
Tudor said his company expects oil prices to remain rangebound at current levels and not rising above $50 for the next five years.
Still, he said Permian Basin oil production will continue its upward trajectory.
“We’re actually projecting the Permian will continue to grow; we’re showing 5.6 million