Located in West Texas and southeastern New Mexico, the Permian Basin is a growth area for ConocoPhillips.
Our large legacy leasehold position consists of approximately 1.0 million net acres, which contain more than one billion barrels of oil equivalent.
We have a long history in the Permian Basin. Some of our fields started producing in the early 1900s. While some of our growth is focused on developing our unconventional fields, we are utilizing new technologies to improve recovery and value from our conventional fields such as the Gandu, which began producing in the 1950s.
We now operate more than 5,000 wells. In 2017, our net production from conventional and unconventional wells was 60 MBOED.
Our acreage in the basin includes approximately 134,000 net unconventional acres. Our activities are focused on appraising and developing this unconventional play in the Delaware and Midland Delaware basins. With the number of stacked plays in this basin, we expect drilling and production to continue for many years.