The US’ Permian Basin of West Texas and New Mexico is probably only in the “second or third inning” of its full development potential, the CEO of one of the largest Permian operators said Tuesday. Two prolific Permian horizons — the Spraberry and Wolfcamp in the eastern part of the basin — contain about 75 billion barrels of equivalent recoverable oil, while the western part of the basin holds another 25 billion barrels recoverable, Pioneer Natural Resources CEO Scott Sheffield said during an upstream panel at IHS CERAWeek. Pioneer released the 75 billion boe figure in May 2014, up from its previous estimate of 50 billion boe in May 2013. “The Permian is probably in its second or third inning [of development],” Sheffield said. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation […]