WASHINGTON, Dec. 9, 2015 - U.S. crude oil and lease
condensate proved reserves increased by 9 percent in 2014 to 39.9 billion
barrels, and natural gas proved reserves increased by 10 percent to 389
trillion cubic feet, according to the U.S. Energy Information Administration’s U.S. Crude Oil
and Natural Gas Proved Reserves report.
U.S. crude oil and lease condensate proved reserves reached
the highest level since 1972, and natural gas proved reserves surpassed the
previous year's record level.
Proved reserves are
volumes of oil and natural gas that geologic and engineering data demonstrate
with reasonable certainty to be recoverable under existing economic and
operating conditions. Proved reserves shrink or grow as commodity prices and
extraction costs change. EIA's estimates of proved reserves are based on an
annual survey of domestic oil and natural gas well operators.
Sustained lower prices for crude oil and natural gas in 2015
are anticipated to reduce oil and natural gas proved reserves in EIA's next
annual report (for year-end 2015). Lower prices have curtailed oil and natural
gas drilling and have made recovery economics more challenging. Although
resource estimates are not necessarily reduced by lower prices, the calculation
of proved reserves is sensitive to price.
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