For IMMEDIATE RELEASE:
BIG Lake at Center of West Texas Oil Boom
College Station: Growing oil exploration in the Wolfcamp/Cline formation has placed Big Lake,Texas in the center of one of the nation’s largest production fields in the nation. To assess the growing demands on the region, the Knowledge Engineering group at Texas A&M TEEX worked with Big Lake to review the competitive factors impacting its growth and economic diversification.
Big Lake, located in Reagan County south of Midland-Odessa, is strategically located at the epicenter of energy production and has evolved into a regional commercial hub. In addition to oil and gas operations, Big Lake has begun to attract a broad cross sector of service industry as well as hotel and retail to enhance the economic diversification of the local economy.
“Hardly a day passes,” observed Gloria Baggett, Big Lake Economic Development Director,“without a new inquiry on possible site locations in the community and questions on the local economy.”
Big Lake is well positioned with adequate water supplies to sustain and grow the community.The community has broken ground on a new hospital, the regional airport is being expanded to land larger planes, and hotel projects are being added to the already full availability.
The TEEX competitive assessment highlighted a number of key factors that bode well for the growth of both Big Lake and the Region. In addition to expanded healthcare services, the Reagan ISD provides an excellent education foundation. The city has plans to expand the city limits in an effort toattract new multi and single family housing.
As with most areas of high growth the region is challenged with workforce demands and affordable housing. Plans underway should mitigate these concerns and given the project long- term nature of oil and gas production in the surrounding region, Big Lake is well positioned to a have a significant role in the growth of West Texas into the future.
“Growing pains are tough to manage,“ noted TEEX program director John Adams, “yet Big Lake has taken pro-active public and private efforts to address the short term needs as well as the long term opportunities.”