As reported September 12, 2016 in The Barrel blog by Nick Coleman, Senior editor, S&P Global Platts.

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Last week’s announcement by US company Apache of a major find in West Texas’ Permian Basin seemed to vindicate the optimism about shale heard the previous week at a conference in Norway.

Scott Douglas Sheffield, chief executive of shale driller Pioneer Natural Resources, played the role of spoiler-in-chief at the ONS conference, harrying big oil with some uncomfortable assertions.

The bad news, for those in the industry who missed out on shale and expected it to fade with low prices, is that the Permian should be able to increase its output from 2 million b/d to 5 million b/d in the next 10 years, assuming prices reach $56/b in 2025, Sheffield said.

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