We're seeing with new technology
In Irion and Reagan counties, more oil derricks and water hauling trucks can be seen from Highway 67 .... a sign that oil field production is at a record high. What is happening in the Concho Valley is attracting the attention of Texas Railroad Commissioner, Christie Craddick.
"I don't call it a boom anymore because that means a bust. So, I think it's sustained economic growth longterm for the oil and gas industry," Craddick said. "Just for the Permian Basin in general, we're seeing with new technology, with horizontal drilling....that technology is just coming into the Permian Basin area within the past year."
Craddick's best guess is the sustained oil and gas production will continue for at least another decade. Already the past two years' development has surpassed all previous records.
"For Irion and Reagan, we're seeing a lot of developments much more horizontal at this point. In Reagan County, historically we've permitted about about 7,500 wells," Craddick continued. "Historically, in the last two years, we've permitted just over 1,000 and, right now, in that county....we have about 5,600 active producers."
Wells in the Concho Valley and Permian Basin are second in the state only behind the Eagle Ford Shale in South Texas when it comes to production. Craddick said the biggest challenge right now is getting all of the oil that is being produced to refineries.
"I think the opportunities in the Permian Basin are huge and it looks...the challenge we have is making sure we have enough pipes built; so, we can move the oil and gas out...around the country," Craddick explained.