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From the Drake Well to the Santa Rita #1: The History of the U.S. Permian Basin: A Miracle of Technological Innovation

The Permian Basin is the largest petroleum-producing basin in the United States. Located in West Texas and in the southeastern portion of New Mexico, this legendary geologic region has provided a platform from which fortunes have been made and lost. The prolific hydrocarbon bounty of the area results from one of the thickest known deposits of Permian-aged rocks in the world, formed from ancient and biologic-rich seas. Oil and gas developers originally considered the Permian Basin a “graveyard.” The cable tool drilling technology commonly used in the early days of oil and gas exploration did little to change how industry investors perceived the area. This was particularly true before 1922 when this industry-standard technology produced many dry holes and marginal wells. However, this “graveyard” perception changed upon the drilling and subsequent completion of the Santa Rita #1 discovery well in 1923.  Joseph R. Dancy is the Executive Director of the University of Oklahoma College of Law Oil and Gas, Natural Resources, and Energy Center. He graduated from Michigan Technological University with a B.S. in Metallurgical Engineering/Mineral Processing before earning an M.B.A. at the University of Michigan and a J.D. from Oklahoma City University School of Law. He is also President of LSGI Advisors Inc., a research and investment firm headquartered in Dallas, and is a Texas Representative to the Interstate Oil & Gas Commission. Published by University of Oklahoma College of Law Digital Commons, 2018 1184 Oil and Gas, Natural Resources, and Energy Journal [Vol. 3 Technology is always a major factor involved with the discovery and identification of viable mineral deposits. But technology’s significance did not stop with mineral deposits; it also played an essential role in the discovery, the development, and redevelopment of the Texas Permian Basin. After decades of extensive exploration and development after the 1923 discovery, the collaborative effort of dozens of industry promoters has increased the value of the Permian Basin’s resources. This is particularly true over the last decade where the value of the oil and gas properties in this historic basin have increased by hundreds of millions of dollars. This is the result of recent advances in horizontal drilling and hydraulic fracturing technology. This paper examines the historical origins of oil and gas development leading to the discoveries in the Permian Basin, focusing on those technologies that served as catalysts for development. It also examines how these technologies have evolved over the last century, making the Permian Basin one of the premier energy exploration frontiers on the face of the earth.