The booming Permian Basin has been the largest source of production growth in the U.S., with a pace that pushed domestic production past 13 million barrels per day of oil in 2019. However, some oil and gas executives are saying they’re reluctant to invest in the basin in the New Year, according to a recent study by BDO’s energy practice.

In a CFO outlook survey, BDO said 86% CFOs of oil and gas companies plan to finance new projects in 2020 and, even though the Permian Basin remains a focus, nearly a fourth of energy companies (23%) are looking elsewhere to break new ground—even outside of the U.S.

“While the Permian Basin remains a focus for oil producers, smaller companies are clearly looking elsewhere for new opportunities as oil majors have taken over Permian operations,” Clark Sackschewsky, national leader of BDO’s energy practice and global leader of oil and gas, told Hart Energy.

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