Permian Basin is a large basin in western Texas, US. This area is of extreme importance because of its potassium, natural gas, and petroleum deposits. This region is 250 miles wide and 300 miles long and produces a great amount of oil and gas.
Permian Basin has a long history and Chevron is working in this region for a long time too. They have been working productively in this region since the 1920s via their legacy companies. The company has helped this region to grow socially and economically. They have worked hard to discover the oil and gas resources and fulfill the world’s energy needs.
Permian is a vast area, with abundant resources and a lot of companies working there, but Chevron is the strongest party there. It’s one of the largest producers in the region and is working to increase oil and gas production every year. In 2018, the production increased by 71 percent and it is likely to increase with every year or at least it won’t fall. They have also decreased the development and production cost, this means more production with less cost, which is beneficial for both the company and this region.
This region produced around 159,000 barrels of crude oil and 501 million cubic feet of natural gas daily in 2018. It also produced around 66,000 barrels of natural gas liquids each day in 2018.
Chevron had to use unique technology and adopt a unique approach due to the presence of shale oil and tight gas. They have improved efficiency and performance and decreased cost by using a manufacturing-style process. They have used the factory model approach to recover the resources. This model helps them in assessing which areas are most promising, which saves, time as well as cost.
They are using a range of the latest technologies to improve their performance in this region. They are using predictive analytics that helps in making decisions and advance mapping to find where resources are located. Furthermore, they are using artificial intelligence and proprietary technology to improve efficiency and achieve the best results, keeping the cost less.