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, treating, and refining oil, gas, and petroleum products in August 2014. Fourteen 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.