• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours Is the oil & gas industry on the way out?
  • 9 hours In a Nutshell...
  • 14 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 28 mins COVID is real now
  • 9 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 20 hours Why Oil could hit $100
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

US Proved Oil & Gas Reserves Hit New Record High

Higher oil and natural gas prices in 2018 raised the proved reserves of oil and gas in the United States to new all-time highs last year, the Energy Information Administration (EIA) said in its new annual report.

Oil and natural gas proved reserves beat the previous record from the previous year, when rising prices and continued shale resource development in 2017 helped push U.S. reserves to what was then record high volumes.  

In 2018, U.S. proved reserves of crude oil jumped by 12 percent, from 39.2 billion barrels at the end of 2017 to 43.8 billion barrels at end-2018, for the new record in proved oil reserves, according to EIA estimates.

Proved reserves of natural gas rose by 9 percent, from 464.3 trillion cubic feet (Tcf) at end-2017 to 504.5 Tcf at year-end 2018, setting the new U.S. record for natural gas proved reserves.  

In crude oil and lease condensate, producers in Texas added a total of 2.3 billion barrels of proved reserves. This was the biggest net increase of oil reserves in all U.S. states in 2018. Most reserves additions were made in the Wolfcamp/Bone Spring shale play in West Texas.

The Bone Spring formation has been one of the most prolific shale plays in the Permian in recent years and will continue to drive the Permian basin’s shale production growth, the EIA said earlier this month.

New Mexico saw the second-biggest increase in crude oil and lease condensate proved reserves, adding a net 750 million barrels, also thanks to the Wolfcamp/Bone Spring play in eastern New Mexico. The Bakken play in North Dakota had the third-largest net increase in proved reserves of crude oil and lease condensate—422 million barrels.

In natural gas, Texas again led the net additions of proved reserves, with 22.9 Tcf, thanks to higher prices and the development of the Wolfcamp/Bone Spring play. Pennsylvania and New Mexico followed in net natural gas reserves additions, thanks to the Marcellus and the Wolfcamp/Bone Spring, respectively. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Art McTeagle on December 22 2019 said:
    Although the proven reserve figures appear large, they are misleading. The US consumes around 7.5 billion barrels of petroleum products per year. The reserves at this rate will be consumed within a decade or so. What then?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News