Occidental CEO: Permian basin has enough additional oil to develop

The U.S. Permian basin in Texas and New Mexico, the biggest U.S. shale oil basin, has enough additional oil to develop and will continue to grow in the next few years, Occidental Petroleum CEO Vicki Hollub said on Tuesday.

“Well, we’ve seen continuing improvement in our oil well productivity and so we haven’t seen a drop off,” Hollub said, when asked about concern over productivity levels at an energy conference in the UAE’s capital of Abu Dhabi.

“Some operators are experiencing degradation … but I think the Permian (Basin) still has enough additional oil to develop that will continue to grow over the next few years,” she said.
Source: Reuters (Reporting by Alexander Cornwell; Writing by Tala Ramadan; Editing by Louise Heavens)