Technological advances are rewriting what experts thought they knew about Permian Basin oil fields. None more so than work now being done on residual oil zones, experts say.
“For probably 60 years, we’ve used 100 billion barrels of oil in place in the Permian Basin, based on existing oil fields,” said Robert Trentham, director of the University of Texas of the Permian Basin’s Center for Energy and Economic Development. Of that, only a third or about 33 billion barrels has been produced, he said. Work currently being done on ROZs adds another billion barrels, and the Permian Basin’s unconventional plays yet another 100 billion barrels.
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