According to the US Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report, published by the US Energy Information Administration (EIA) in December 2019, the US proved reserves of crude oil and lease condensate reached its highest record of 47.1 billion barrels in 2018. This was a 12% increase from the previous record of 42 billion barrels recorded at end-2017.
Higher oil and gas prices in 2018 made more resource base can be economically producible, enabling the increase in proved reserves estimates. US WTI crudes averaged $65.66/barrel in 2018, increasing 29% from 2017. Meanwhile, natural gas spot price at the Henry Hub averaged $2.99/MMBtu, rising 12% from 2017.
The production of crude oil and lease condensate in the US also broke a new record high of 10.96 million bpd in 2018, increasing by 1.6 million bpd (17%) from 2017. Meanwhile, marketed natural gas output reached 89.9 Bcfd in 2018, rising by 10 Bcfd (12%) from 2017.
Tags: AlwaysFree,Americas,Crude Oil,EN ALWAYSFREE,Energy & Feedstocks,English,Gas,United States Energy Information Administration (EIA),US Oil & Gas Production,US Oil & Gas Proved ReservesJanuary 14, 2020 10:42 PM (GMT+8)