ExxonMobil Plans to Increase Automation in Permian Basin to Boost Oil Production
- Published
- Source
- YahooFinance
ExxonMobil Holdings Corporation (NYSE:XOM) aims to significantly enhance automation in its Permian Basin operations, targeting a production increase from over 1.8 million bpd to 2.5 million bpd by 2030. The company plans to transition half of its drilling fleet to automated rigs by 2028, focusing on improving safety and efficiency.
This strategy is crucial as the Permian Basin, the largest oil-producing region in the U.S., faces challenges such as steep decline rates of shale wells. By adopting automation, ExxonMobil seeks to maximize oil recovery while controlling drilling costs, aiming for $30 per barrel production costs by 2030.
Looking ahead, ExxonMobil's automation efforts could enable rapid production increases in response to high oil prices. However, concerns remain regarding the sustainability of production levels, execution risks in scaling automation, and the impact of volatile oil prices on the project's economics. No further timeline was disclosed at the time of publication.
Original report
Exxon (XOM) is Betting on Robots to Unlock a New Permian Oil Boom
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