Wednesday, April 16, 2014

EIA Updates Proved Reserves Data

U.S. crude oil proved reserves, led by reserve additions in Texas and North Dakota, increased at a record pace in 2012 according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2012 report released today by the U.S. Energy Information Administration (EIA). Despite notable gains in the Marcellus and Eagle Ford shale gas plays, low natural gas prices drove down natural gas proved reserves in 2012, ending a 14-year run of consecutive increases in gas reserves.
Proved reserves are estimated quantities of energy sources that analysis of geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Significant year-to-year price changes can directly affect the "existing economic" metric.
At the state level, Texas recorded the largest volumetric increase (up 3.0 billion barrels) in proved oil reserves among individual states, largely because of development in the Permian and Western Gulf basins. North Dakota had the second-largest increase (up 1.1 billion barrels), driven by development of the Bakken and Three Forks formations in the Williston Basin.
Source : EIA

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