Opinion

U.S. Proved Reserves of Natural Gas Increase 5%, Oil Reserves Remain Level at Year-End 2016


U.S. proved reserves of natural gas increase 5%, oil reserves remain level at year-end 2016

  • U.S. proved reserves of natural gas increased 5% in 2016, compared with a 17% decline in 2015
  • U.S. proved reserves of crude oil and lease condensate remained at 35.2 billion barrels in 2016

The United States had 341.1 trillion cubic feet (Tcf) of natural gas proved reserves as of December 31, 2016, an increase of 5% from 2015, according to U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2016, released today by the U.S. Energy Information Administration (EIA). U.S. crude oil and lease condensate proved reserves remained at 35.2 billion barrels at year-end 2016 (a slight net decline of 17 million barrels).

 Crude oil and lease condensate
billion barrels
Natural gas
trillion cubic feet
2015 U.S. proved reserves35.23324.30
Net change to U.S. proved reserves-0.02+6.83
2016 U.S. proved reserves35.21341.11
Percentage change0.0%+5.2%

Pennsylvania had the largest net increase in natural gas proved reserves of all states in 2016, adding 6.1 Tcf of natural gas proved reserves in the Marcellus Shale play in the Appalachian Basin. The share of natural gas proved reserves from shale compared with total natural gas increased from 54% in 2015 to 62% in 2016.

Texas had the largest net increase in proved reserves of crude oil and lease condensate of all states in 2016, adding 941 million barrels of proved crude oil and lease condensate reserves, mostly from development in the Permian Basin. Operators drilled and completed long, horizontal wells into the stacked oil-bearing formations of the Spraberry Trend and the Wolfcamp Shale.

In 2016, U.S. production of crude oil and lease condensate decreased by 6% from 2015, and U.S. production of total natural gas decreased by 1%.

Proved reserves are those volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2016 is available at: http://www.eia.gov/naturalgas/crudeoilnaturalgasreserves.


Visit source site

eia.gov/naturalgas/crudeoilnaturalgasreserves.

natural gasReservesUnited StatesUSEIAEnergy Information Administration EIA

More items from oilvoice


China Becomes World’s Second Largest LNG Importer, Behind Japan

Source: GIIGNL LNG reports (2010-16), Global Trade Tracker export-import trade statistics (2017), and IHS Markit China surpassed South Korea to become the world's second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS Markit and official Chinese government s ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > EIAEnergy Information Administration EIAChina +5

Investment of $97bn on Top Ten Offshore Oil Projects to Add Over 1.6 Million Barrels Per Day by 2025, Says GlobalData

Over $151.5bn in capital expenditure will be spent over the lifetime of the top ten offshore oil projects to produce 14.3 billion barrels of crude, according to GlobalData , a leading data and analytics company. These ten projects, selected from 236 upcoming offshore projects globally, will contr ...

OilVoice Press - OilVoice


Posted 1 day agoPress > GlobalDataOffshoreOil +2

Norway Leading the Oilfield Service Comeback

In 2015 and 2016 we saw record low levels of offshore volumes sanctioned, which effectively is hurting oilfield service companies' backlog. With the cost cuts E&P players made during the downturn, coupled with the recent increase in oil prices, we now see a lot of offshore projects on a global lev ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > NorwayRystad EnergyOffshore +3

S&P Global Platts Deploys Blockchain for Collation of Fujairah Oil Inventory Data

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, has announced that it is deploying a proprietary, secure Blockchain network to allow market participants to submit weekly inventory oil storage data to Fujairah Oil Indust ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > S&P Global PlattsBlockchainFujairah +2

Westwood Highlights Exploration Hits & Misses of 2017

  A new report from Westwood Global Energy Group shows better oil and gas exploration performance in 2017 than 2016 with discovered volumes, success rates and finding costs all improving. High impact oil & gas exploration remains challenged, however, with activity levels ...

OilVoice Press - OilVoice


Posted 2 days agoPress > westwood global energy groupexplorationMexico +1
All posts from oilvoice