• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 9 minutes Australia sues Neoen for lack of power from its Tesla battery
  • 13 minutes NordStream2
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours U.S. Presidential Elections Status - Electoral Votes
  • 9 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours Evergrande is going Belly Up.
  • 3 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 8 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 2 days Oil Price: does the security vacuum in the Middle East spook investors?
  • 3 days Ozone layer destruction driving global warming
5 Chinese Energy Stocks To Watch As Its Tech Boom Fizzles

5 Chinese Energy Stocks To Watch As Its Tech Boom Fizzles

Heavy regulation from the government…

Can Argentina Finally Realize Its Oil Potential?

Can Argentina Finally Realize Its Oil Potential?

After a crushing defeat in…

EIA: U.S. Natural Gas Reserves Slip Amid Low Prices

Natural gas reserves in the United States fell by 2 percent in 2019 due to low prices, the Energy Information Administration said in an update on the country’s oil and gas reserves.

Henry Hub prices for natural gas in 2019 fell by more than 21 percent from 2018, the authority noted, adding that despite the modest decline, the United States had enough discoveries and production extensions of gas to replace 2019 production going forward.

In oil, reserves remained largely unchanged in 2019 despite a similar price decline, the EIA also said. In fact, proven crude oil reserves rose in that year by 367 million barrels. A decline in lease condensate reserves, however, made for a net decline in crude oil plus condensate reserves.

Perhaps surprisingly, it wasn’t the shale oil plays that accounted for the biggest increase in oil reserves—it was Alaska. New Mexico, which houses part of the Permian shale play, accounted for the second-largest reserve increase, and Texas came in third.

In natural gas, Ohio saw the biggest addition of reserves, at 10.4 trillion cu ft, but Texas saw a decline in reserves equal to 12 trillion cu ft. Three shale plays—the Eagle Ford, the Barnett, and the Bossier play—all saw sizeable reserve drops in 2019.

Last year likely saw even further declines in gas reserves and probably a decline in crude oil reserves, too, after the dive prices took in early spring on the back of the short but meaningful Saudi-Russian oil prices war, which was promptly followed by the coronavirus pandemic.

As producers cut their exploration and production budgets and many started on a path to diversification into renewable energy, chances are proven fossil fuel reserves in the United States dipped.

Prices have begun recovering lately, but the rebound has not been strong enough to merit a return to an exploration boom. Some doubt they will recover enough to justify more exploration at this point, although others foresee a short-term supply crunch that may motivate investment in exploration and production growth.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News