U.S. Crude, Natgas Proved Reserves Hit Record Highs in 2017 -EIA

By Swati Verma
Thursday, November 29, 2018

U.S. crude oil and natural gas proved reserves rose to record highs in 2017, driven by stronger energy prices and the continuing development of shale formations, the U.S. Energy Information Administration (EIA) said on Thursday.

Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970.

"Total U.S. oil reserves in 2017 exceeded a brief, one-year, 47-year-old record, highlighting the importance of crude oil development in shales and low permeability plays, mainly in the Southwest," the statistical arm of the U.S. Department of Energy said.

Natural gas reserves jumped 123.2 trillion cubic feet (tcf), or 36.1 percent, to 464.3 tcf last year. The previous record was 388.8 tcf, marked in 2014.

The new record for natural gas extends a longer-term trend of development, mainly in shale plays in the northeast, the EIA said.

Reserves of both oil and gas were about double their levels from a decade ago.

The agency said these new proved reserves records were established in 2017 despite crude production at levels not seen since 1972, and record natural gas output.

U.S. crude futures averaged $50.85 per barrel in calendar 2017, compared with $43.47 in 2016. 

(Reuters, Reporting by Swati Verma in Bengaluru Editing by Marguerita Choy)

Categories: Shale Oil & Gas Natural Gas

Related Stories

Keel Laying for Wind Flyer Trimaran Crew Boat

Argentina YPF to Shed Offshore Exploration Projects

Second Hai Long Substation Heads to Project Site Offshore Taiwan

VIDEO: AIRCAT Crewliner takes Shape to Service Offshore for TotalEnergies Angola

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Flare Gas Recovery Meets the Future

Offshore Drilling 2025: 3 Things to Watch During a Year of Market Corrections

INEOS Picks Up CNOOC’s US Assets in $2B Deal

Driven by Oil & Gas, Norway Wealth Fund Approachs $2 Trillion

Current News

Mitsui’s STATS Lands Malaysian Pipeline Isolation Job

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com