The U.S. is increasingly looking at this Texas region for oil
One Texas oil-and-gas area now has about as many rigs as the rest of the U.S. combined
West Texas’ Permian basin holds nearly as many active oil and gas drilling rigs as the rest of the United States combined — and that includes offshore rigs in the Gulf of Mexico.
The Energy Information Administration’s November drilling productivity report also showed that the Permian is the only region where crude oil production is expected to increase for the third straight month.
Oil hovered around $50 a barrel last month, boosted by an Organization of the Petroleum Exporting Countries’ decision to consider a possible output cut when it meets in Vienna Nov. 30.
Hopes for higher crude prices have heated up mergers and acquisitions for oil companies, even though they are still suffering from the effects of low oil prices.