According to the Energy Information Administration (EIA), U.S. proved reserves of crude oil and lease condensate increased to 47.1 billion barrels in 2018—a 12 percent increase compared with the previous record set at year-end 2017 of 42 billion barrels. U.S. proved reserves of natural gas increased to 504.5 trillion cubic feet—a 9 percent increase compared with the record level set in 2017 of 464.4 trillion cubic feet. Proved reserves are oil and natural gas quantities that geological and engineering data find with reasonable certainty to be recoverable from known reservoirs under existing economic and operating conditions. Reserves estimates change from year to year as new discoveries are made, existing fields are appraised, reserves are produced, prices and costs change, and technologies develop.
U.S. Oil and Natural Gas Proved Reserves Increase - Again
Wednesday, January 29, 2020