Permian Basin, Permian, Chevron discussed on 90.3 KAZU Programming


The energy news of this product comes to his of the Permian basin down in west Texas, the biggest petroleum region in the country. The oil giant, Chevron is becoming more giant. I guess you'd say it's going to buy an Darko petroleum for thirty three billion dollars which will make it one of the biggest players in the US shale basin business marketplace. Jack Stewart explains what's going on there. The last time the Permian basin was this popular was hundreds of millions of years ago when it was an ocean and the place to be ancient marine life. Those organic remains resulted in a huge amount of oil and gas in the shale rock in what's now, west Texas and southeastern New Mexico Davidson is at the energy institute of the university of Texas Austin, the Permian is in many ways, the center of the oil investment world right now extracting the oil and gas locked up in that shale through fracking was still considered an expensive and risky technique. Just a few decades ago. So well, though, Chevron and the other oil giants do own rights in the poem already. They would contend to leave the toughe- extractions. So smaller independent players, Diana. David Hinson is at the university of Texas. Permian basin independence did was show. The majors that you can get an enormous amount of low gas out of what had previously not the neck anonymously acceptable independence, like Apache pioneer concerto and dozens more Chris Nicholl N. Consultants wood MacKenzie. We do see the potential for more consolidation within the Permian basin. So if you haven't prepared to hit that would a lot more in the future as deals done example, one Chevron CEO, Mike worth it's not about getting bigger in the permanent about getting better in the Permian. We think this makes us even better in the Permian, pumpkin cut it. I'm Joe for marketplace..

Coming up next