U.S. proved reserves of crude oil, natural gas hit record highs
The proved reserves of crude oil and natural gas in the United States set new records, the U.S. Energy Information Administration (EIA) reported.
According to the EIA’s annual reserves report, the proved reserves of crude oil in the country increased 12 percent, from 39.2 billion barrels at year-end 2017 to 43.8 billion barrels at year-end 2018, setting another U.S. record for crude oil proved reserves. The previous record was set in 2017 at 39.2 billion barrels.
The proved reserves of lease condensate in the United States increased 14 percent, from 2.8 billion barrels at year-end 2017 to 3.2 billion barrels at year-end 2018. U.S. crude oil and lease condensate production increased 17 percent from 2017 to 2018.
Producers in the U.S. state of Texas added 2.3 billion barrels of crude oil and lease condensate proved reserves, the largest net increase of all states in 2018. The increase was a result of increased prices and development in the Permian Basin of West Texas.
Meanwhile, the proved reserves of natural gas increased 9 percent, from 464.3 trillion cubic feet (about 13.15 trillion cubic meters) at year-end 2017 to 504.5 trillion cubic feet at year-end 2018, another U.S. record for total natural gas proved reserves.
U.S. natural gas proved reserves from shale increased from 66 percent of total U.S. gas proved reserves in 2017 to 68 percent at year-end 2018.
Producers in Texas added 22.9 trillion cubic feet of natural gas proved reserves, the largest net increase of all states in 2018.