Oil companies work together to boost production in the Permian Basin
EL PASO, Texas (KVIA) -- An important fossil fuel region near the Borderland is getting busier.
FireBird Energy II and Quantum Energy Partners are working together now. $500 million is being invested into the companies, allowing for increased oil production in the Permian Basin. The region spans from West Texas to southeast New Mexico and employs thousands of local residents.
The two companies hope that by working together, they will be able to boost production in the Permian Basin. Most of the money will be going to exploring new sources of oil in the Basin.
Similarly, another company, Wing VII, is getting $100 million from NGP Royalty Partners to search for new sources in the area.
Experts say that all of this money flooding into the region could boost jobs and salaries for the workers who rely on oil production in the Permian Basin.
