The Future Is Bright For Gas and Oil Production in Texas!
November 7, 2018
Texas is known for many things, with oil being a very important one.
The state has provided plenty of wealth to those selling gas royalties and the future looks even brighter.
For those keeping track and perhaps looking to sell royalties of their own, there is a production boom going on.
Texas is surpassing previous production records, so those owning mineral rights are benefiting.
A Wealth of Minerals in the Permian Basin
Over the past few years, the Permian Basin has become a hotbed of drilling activity as energy companies have struck it big and owners selling oil royalties have cashed in.
The Basin is one of, if not the largest, mineral-rich land areas in the U.S. and the world.
With new exploration and drilling technology now available, reaching those minerals has become easier.
Land and mineral owners as well as the many energy companies drilling in the region have tapped into what is thought to be a potentially endless supply of oil and natural gas.
Texas Production Shattering Records
According to industry experts, Texas is breaking records this year. Production reached 4.3 million barrels of crude oil per day in June.
As of July, forecasters now expect 2018 to be a record year for U.S. production, breaking the 1972 record of 1.263 billion barrels that year.
For both producers and those selling gas and oil royalties, this is great news.
Based on current production and conditions, economists also expect that production in the Permian Basin will double by the year 2023.
With an expected increase of 3 million barrels per day, it is thought that the Permian Basin alone could surpass the collective production by every OPEC nation, including Saudi Arabia.
The region is expected to soon produce enough oil and natural gas to completely handle U.S. demand, reducing reliance on other nations for such resources.
This would position the U.S. as producing 60% of all oil in the world.
More Mineral Production Bringing Good Things to the U.S.
The uptick in production will benefit many circles.
Although some may initially suggest that producing so much oil and natural gas will cause a reduction in demand and prices which could potentially affect how much money those selling their oil royalties could make, industry analysts are expecting the opposite.
Some smaller energy companies may be more at risk or could even end up bought out by larger ones; however, vertical integration and huge capital investments by companies will result in price increases.
The trickle-down effect of higher prices paid for oilfield goods and services is continued growth in the industry, more jobs, higher salaries, and higher property taxes being paid to state governments.
A Summary of Gas and Oil Production in Texas
Exciting times are on the horizon for the oil and gas industry as well as owners benefiting from the sale of oil and gas rights.
With production in the Permian Basin continuing to increase, property values are rising as is the ability for more individual owners to make money when they sell oil royalties.
The time has never been better for those looking to do so to jump in and start earning from their mineral rights as more companies seek land for explore and production!
Interested In Selling Your Oil Royalties In Texas?
Contact Permico Royalties To Sell Gas Royalties And Profit Today!
Call (432) 242-7335 Now!
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