Stretching from west Texas into eastern New Mexico, the Permian Basin is a geologically diverse hydrocarbon province with more than a dozen productive formations. The widespread application of technologies such as horizontal drilling and hydraulic fracturing have made the Permian Basin the most prolific province in the United States: oil production has increased 150% in last 5 years and now amounts to more than 2.4 million bpd.
Nobel Upstream is the majority owner of a large acreage position in the Permian Basin and, together with its operating partner Three Span Oil & Gas, started producing oil and gas in August 2014. Eight producing wells have been drilled and completed to date, and development continues across this three to four bench play, commencing with a conventional reservoir. This project provides Nobel Upstream with the potential for material growth through continued development.