EIA: U.S. Crude oil and natural gas proved reserves
Tuesday, November 24 2015 - 12:58 AM WIB
Sustained low prices for oil and natural gas are anticipated to reduce the reserves in EIA?s next report (for year-end 2015). Lower prices have curtailed drilling and made recovery economics more challenging. Although resource estimates are not necessarily reduced by lower prices, the calculation of proved reserves is sensitive to price.
Oil highlights
? U.S. proved reserves of crude oil and lease condensate increased for the sixth year in a row in 2014, and exceeded 39 billion barrels for the first time since 1972 (2014 is now the fourth-highest year on record).
? Texas added 2.1 billion barrels of crude oil and lease condensate proved reserves (the largest increase of any state in 2014), mostly located within the Texas portion of the Permian Basin and the Eagle Ford Shale play.
? North Dakota added 0.4 billion barrels of crude oil and lease condensate proved reserves (the second-largest increase in 2014) mostly from the Bakken Shale play.
Natural gas highlights
? U.S. proved natural gas reserves set a record3 (exceeding 388 trillion cubic feet) in 2014.
? Proved reserves additions of natural gas were highest in Pennsylvania, where operators added a net 10.4 trillion cubic feet of natural gas proved reserves in Pennsylvania?s portion of the Marcellus Shale play.
? In 2014, West Virginia surpassed Wyoming and Colorado to become the fourth-largest state for natural gas proved reserves (behind Texas, Pennsylvania, and Oklahoma).
? Proved natural gas reserves in Ohio more than doubled as a result of development of the Utica Shale play, and Idaho4 in 2014 reported proved natural gas reserves for the first time.
Proved reserves are estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrates with reasonable certainty5 are recoverable under existing economic and operating conditions. Reserves estimates change from year to year as new discoveries are made, as existing fields are more thoroughly appraised, as existing reserves are produced, and as prices and technologies change.