Chevron’s Ryder Booth, Vice President Mid-Continent Business District, spoke to a sold-out luncheon of leading executives from the energy sector in Midland on May 9, sharing insights on the Permian’s impact in the energy sector’s future.
Current markets are signaling the need for more energy supply, he said, but the industry is facing challenges.
Booth said despite the ongoing discussion about transitioning away from fossil fuels, oil still has an essential role in the world. He noted during the pandemic, when the economy came to a standstill globally, daily crude demand only dropped by 10%, averaging around 90 million barrels. This alone highlights the indispensability of the oil and gas industry in the various sectors.
Regarding the Permian Basin, Booth identified it as a crucial area for energy investment and development, estimating that global oil and gas investment would require around $26 trillion between 2021 and 2050 with 30% of that investment needed in North America, 7.5% of that being in the Permian specifically. He predicts that the Permian Basin productions will reach 7 million barrels per day, comprising 60-65% of the lower 48 production before 2040.
Booth commended the collaborative efforts of the services and technology sector, stressing that partnering with producers drives improvements in operational efficiency and environmental impact.
Booth also sat down for a fireside chat with Permian Chapter Chair Garrett Dobson, TechnipFMC, where Booth shared safety best practices, working with business partners to achieve sustainability goals and ways to change the narrative about oil and gas.
After Permian Chapter Vice Chair Shelby Fietz, ProPetro Services, opened the meeting, Energy Workforce President Molly Determan shared the state of the association. She advised that despite the many changes in the past year, our sector has consistently answered the call to produce energy that meets the growing global demand while also investing in technological innovations while lowering emissions.
“Our sector, time and time again, exceeds expectations in the face of global challenges. Over the past few years, our sector has met unexpected spikes in demand by ramping up quickly after the demand destruction cause by the pandemic. We also met increased demand and lack of global supply due to the invasion of Ukraine by Russia, and we did this all while facing a tight labor market, a challenged supply chain and crippling inflation.”Molly Determan, President, Energy Workforce & Technology Council
Energy Workforce would like to thank the Permian Basin Steering Committee for its leadership in creating this important dialogue. Thank you also to sponsors Alvarez & Marsal, Estis Compression, GD Energy Products, GR Energy Services, MRC Global, NexTier Oilfield Solutions, ProPetro Services, Shawcor, TechnipFMC and Universal Pressure Pumping, as well as strategic partners Chevron, NexTier and SLB.
THANK YOU SPONSORS
Roni Ashley, Director Operations, writes about the Energy Workforce’s membership, workforce development and more. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.