A report by research firm Wood Mackenzie predicts that the Bone Spring and Wolfcamp plays in the Permian Basin in western Texas could produce a total of 1 million barrels of oil per day, or 38% of the region's oil, by 2018. The firm said that huge resources of oil are found in these areas, and investment could reach $22 billion in five years. "The Permian Basin is a very mature region, but now horizontal drilling is allowing operators to go back there and unlock massive resources," said Scott Pearson, analyst at Wood Mackenzie.

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