Advances in drilling technology are making what was once thought old new again, as the Permian Basin of west Texas and southeast New Mexico sees an exploration renaissance, according to a report in Oilprice.com.
As of last fall, horizontal and "directional" rigs—meaning rigs that don't drill vertically—surpassed vertical wells in number. As recently as 12 years ago, "virtually all" wells in Permian Basin were vertical, the report said.
The number of rigs exploring for oil and natural gas has grown to 560, and spending by firms in the region is up 21 percent from last year.
—By CNBC.com staff.