The Granite Wash Play expects overall gross production from its Texas section to reach 42.8MMboe (Million Barrels of Oil Equivalent) by the end of 2015, and climb higher still to 73.6MMboe in 2020 when production levels are predicted to stabilize.
Drilling permits in the Granite Wash Play have been on the increase as production levels continue to soar. The Texas portion of the play has rewarded oil and gas companies such as Chesapeake Energy and Forest Oil Corporation with high quality liquids in return for their endeavours in the area.
Granite wash by definition is material eroded from granites and re-deposited, forming a rock with the same major mineral constituents as the original rock. The Granite Was Play is geographically quite a large area, located in the Northern Texas Panhandle, spreading to Western Oklahoma and Southwest Kansas.
The Granite Wash Play (Texas) has emerged as one of this fastest growing liquid plays with an approximate 33.3% boost in production from 2009 to 2010.
Crude oil grew by 12.7, from 1.37 MMboe in 2009 to 1.54 MMboe in 2010, whereas condensates grew from 2.69 MMboe in 2009 to 3.86 MMboe in 2010 - an increase of 43.7%.
It is no surprise then that oil and gas companies have redoubled their granite wash drilling activities over the last year. In 2011, 495 drilling permits were issued, but this jumped by 18% to 574 by the end of the year.
The most popular spot in the play is Wheeler County, which alone had 287 permits issued in 2011, representing a surge of 38.6% over the previous year.
Most of the drilling activity in the Texan play occurs in the Anadarko basin where companies such as Chesapeake Energy Corporation, Linn Operating Inc and Devon Energy employ innovative drilling techniques to extract large quantities of natural gas. Improved technology and better simulations in horizontal drilling has aided development in the play.
For more information on the Granite Wash Play, see the latest research: Granite Wash Play Market Report
Follow us on Twtter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.