Last year, proved reserves of crude oil and lease condensate increased to 9% to 39.9 billion barrels when compared with 2013 level.
The proved crude oil and lease condensate reserves have crossed that level for the first time since 1972, have increased for six consecutive years, EIA said.
Additionally, the natural gas in the US increased 34.8 trillion cubic feet (Tcf) to 388.8 Tcf last year, increasing the total of proved natural gas reserves to a record-high level for the second consecutive year.
A total of five states accounted to the 60% of the nation’s total increase of proved reserves of crude oil and lease condensate reserves in 2014.
In particular, majority of the crude oil and lease condensate proved reserves was from the Permian Basin and the Eagle Ford Shale play located in Texas while North Dakota added reserves of 362 million barrels, mostly from the Bakken tight oil play in the Williston Basin.
Proved natural gas reserves in Pennsylvania added a net 10.4 trillion cubic feet primarily from its portion of the Marcellus Shale play while West Virginia surpassed Wyoming and Colorado to become the fourth-largest state for natural gas proved reserves, in 2014.
Ohio has more than doubled its proved natural gas reserves in 2014 due to Utica Shale play development while Idaho4 reported proved natural gas reserves for the first time
According to the government data, oil reserves and production in the country increased in 2014 while crude oil imports declined 5% from the 2013 level, marking the fourth consecutive year.
Additionally, natural gas proved reserves and production in the US increased in 2014 while imports declined by 6%, representing the seventh consecutive year.
EIA, however, expects reduced reserves estimates in its next report for year-end 2015 due to sustained low prices for oil and natural gas.
Image: US’ proved crude oil and lease condensate reserves exceeded 39 billion barrels in 2014. Photo: courtesy of suwatpo/ FreeDigitalPhotos.net.
