EIA: US gas reserves increase at yearend 2016, crude remains flat

February 16, 2018

The US Energy Information Administration said average first-of-the-month prices used to calculate US reserves dropped in 2016 compared with 2015. Natural gas and crude oil decreased by a respective 6% and 15% during the period.

EIA's report, US Crude Oil and Natural Gas Proved Reserves, Yearend 2016, showed a 5% increase in proved gas reserves to 341.1 tcf. Oil and condensate increased by 3% in the Lower 48 states, but reserves in Alaska and the federal offshore decreased bringing the yearend 2016 reserves to 35.2 billion bbl, which was a net decline of 17 million bbl.

EIA highlighted onshore proved crude and condensate reserves that increased by 846 million bbl (3%) in the Lower 48, but these were offset by the 865 million bbl decline in reserves for Alaska, and federal and state offshore areas. The administration noted that higher development costs in these areas most likely prohibited reserves growth in most recent low-price environment.

Texas and Oklahoma showed the highest net increases in 2016, with the liquids-rich shale plays in the Permian basin - Wolfcamp and Bone Springs - and the SCOOP and STACK plays in Oklahoma's Anadarko basin.

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