Oil and Gas Reserves Increased in 2013 per EIA | Russell T. Rudy Energy LLC
It seems that all the recent news on the energy front has been bad, given the dramatic freefall of crude oil prices. However, an article in “Rigzone” conveys some good news from the U. S. Energy Information Administration’s (EIA’s) reserve report. During 2013 domestic oil reserves increased 9.3% to 36.5 billion barrels, and gas 9.7% to 354 trillion cubic feet (TCF).
Oil reserves were at the highest level they have been since 1975. The increase of natural gas prices from $2.74 per million British Thermal Units (MMBTU) to $3.66 in 2013, incented operators to drill reserves previously considered uneconomic.
The increase in oil reserves in the state of North Dakota alone were greater than in the Gulf of Mexico. The Peace Garden State is now second only to Texas, and the two of them accounted for 90% of the total increase in domestic oil reserves.
28% of our proved oil reserves are attributable to tight plays, the Bakken shale (primarily in North Dakota and Montana) being the largest. The Marcellus shale (primarily in Pennsylvania and West Virginia) accounted for the largest increase in gas reserves.
In 2013 domestic oil and gas production increased as well. Concurrently, imports fell by 10% and 8% respectively.
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=136232&utm .
