Expert weighs in on report saying Permian Basin will run out of oil

MIDLAND -- CBS 7 first told you on Monday about a new report published by a renowned Geologist, who claims the Permian Basin will be out of oil in just seven years.

And that report certainly piqued the interest of many West Texans.

It also caught the attention of a local oil and gas expert, who has a much different opinion.

Right now the price of oil is over $70 a barrel, and we're only seeing a steady increase in production.

The industry expert CBS 7 spoke with Tuesday says, there is no end in sight for oil here.

Morris Burns has been in the oil and gas business for decades and after a report was released last week claiming oil in the Permian Basin may be no more by the year 2024, he's warning his fellow West Texans against panicking.

"To think, that all of a sudden in seven years, that’s it? I can't buy that,” said Burns.

But Arthur Berman, the Geologist behind the report, is no stranger to the business.

In fact, he has more than 37 years of experience in petroleum exploration and production, and in his report he says “at present production rates, Permian Basin oil reserves will last about seven years.

But Burns says the bold claim just doesn't quite match up with the current oilfield activity in the Permian Basin.

"I don't know what he's basing it on, because we are still finding pockets of oil in the Permian basin that have not been depleted," Burns explained.

But Berman, who's had his work published more than 100 times, says in his report that with current production rates, those reserves will not last.

In theory, Burns agrees with parts of the report, but as far as duration; not so much.

"There is a finite supply, but we don't have any idea where it is right now, it’s more than seven years," Burns said.

CBS 7 did reach out to Geologist Arthur Berman for comment, but have not heard back.

To see the full report, click here.