Craddick: Energy Production Will Sustain in Heart of Texas’ Oil Basin
MIDLAND – Railroad Commissioner Christi Craddick spoke to the Midland Chamber of Commerce’s board today about the current state of Texas energy, highlighting encouraging oil industry activity in the Permian Basin early this year.
“There are a few key reasons why companies from across the world choose to produce energy in Texas, particularly here in the Permian Basin,” Craddick said. “Prime conditions – an ample supply of oil, a skilled workforce, vast infrastructure, cutting edge technology and innovation, and sensible government – have allowed producers to cut back overhead costs and sustain in times of low oil prices. Frankly, these factors have allowed companies to better weather the downturn.”
Craddick said that the Permian Basin is still responsible for record oil production at 1.35 million barrels of oil per day even though the total number of active drilling rigs in the region is down.
“Even as foreign oil producing nations continue their economic assault on the U.S. energy industry, Texas and its associated energy companies are better positioned to compete because of higher efficiencies, advanced technologies and lower production costs. And when demand for oil rises again, as it is certain to, Texas will be well-positioned and ready to respond. Until then, production in the Permian Basin will carry on.”