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Oil reserves in the Permian Basin were first documented by W.H Abrams in Mitchell County, West Texas in 1920. The first commercial well was opened a year later in 1921, in the newly discovered Westbrook Oil Field in Mitchell County, at a depth of 2,498 feet (761 m).
The major petroleum strikes that began the rapid growth in petroleum exploration and speculation occurred in Southeast Texas, but soon reserves were found across Texas and wells were constructed in North Texas, East Texas, and the Permian Basin in West Texas.
The Big Lake oilfield proved to be 4.5 square miles and demonstrated that vast oil reserves in West Texas came from both shallow and deep horizons. Exploration spread into other areas of the Permian Basin, which would become one of the largest oil-producing regions in the United States.
The Permian Basin of West Texas has yielded large quantities of oil since the Big Lake discovery in 1923, although there was a smaller discovery in the Westbrook field in Mitchell County three years earlier.
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX).
31 Οκτ 2024 · Permian Basin, large sedimentary basin in western Texas and southeastern New Mexico, U.S., noted for its rich petroleum, natural gas, and potassium deposits. Owing to its economic importance, it is one of the most well-studied geologic regions of the world.
This paper examines the historical origins of oil and gas development leading to the discoveries in the Permian Basin, focusing on those technologies that served as catalysts for development.
