US proved oil, gas reserves continue to climb

US proved reserves of oil and natural gas have increased by 9% and 10%, respectively, according a recent report from the US Energy Information Administration.

The 3.1-billion bbl increase in proved oil reserves in 2013 marks the fifth consecutive jump, EIA said. Proved oil reserves reached 36.5 billion bbl in 2013, up from 33.4 billion bbl in EIA’s report in 2012.

North Dakota added almost 2 billion bbl of oil in 2013, a 51% increase from 2012. Owing to further development of the Bakken and Three Forks formations in the Williston basin, North Dakota’s reserves surpassed those of the federal offshore Gulf of Mexico for the first time in 2013.

Texas maintains its position of having the largest oil reserves, yet the state added 903 million bbl of proved oil reserves in the same period.

Gas reserves were perhaps the biggest news reported by EIA. In 2013, several states with Marcellus production assisted in supplying an additional 31.3 tcf of gas in 2013. US gas reserves are now at a record 354 tcf up from 322.7 tcf in 2012.

Pennsylvania and West Virginia reported a combined 21.8 tcf addition to US reserves, which is 70% of net gain for proved reserves. The 10% increase in US gas reserves replaced the 7% decline seen in 2012 due primarily to stagnant prices. EIA reported the 12-month first-of-the-month average gas spot price at Henry Hub increased to $3.66/MMbtu in 2013 from $2.75/MMbtu in 2012.

Crude oil and lease condensate production also increased to 7.4 million b/d in 2013, up from 6.5 million b/d in 2012, EIA said. Gas experienced a 2% spike in production to 73 bcfd in 2013, up from 71 bcfd in 2012.

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