Two West Texas plays poised for production surge

The Bone Spring and Wolfcamp plays in the Permian Basin could see a surge in production and together pump 1M bbl/day of oil by 2018, according to report from energy research firm Wood Mackenzie.

E&P giants such as Apache (APA), ConocoPhillips (COP) and Chevron (CVX) are positioned to lead an investment boost in the oilfields, and in five years, capex could jump 57% to $22B in the two Permian plays.

The pipeline of M&A deals in the Permian has been slow, but joint ventures and smaller-scale acquisitions could pick up as operators fire up development, the report says.

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