Posted December 5, 2014
U.S. Oil Reserves Highest Since at Least 1975 on Shale
U.S. News: Proved reserves of crude and lease condensate in the U.S. rose 9.3 percent in 2013 as drillers showed they could extract more oil than previously thought from shale formations in places like Texas and North Dakota.
Reserves increased 3.1 billion barrels to 36.5 billion, the Energy Information Administration said today in its annual U.S. Crude Oil and Natural Gas Proved Reserves report. It was the fifth year in a row that proved reserves increased. They also exceeded 36 billion barrels for the first time since 1975.
Proved reserves, or resources that can be recovered under existing economic and operating conditions, grew after U.S. oil output surged to the highest level in 31 years. Companies used horizontal drilling and hydraulic fracturing to extract oil from underground shale rock layers that sat untouched a decade ago.
Read more: http://buswk.co/12sdj18
More industry news:
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Eagle Ford Shale Hits 1 Billion Barrels: http://bit.ly/1CNwP9j
U.S. Has Enough Shale Gas for Petrochemical Expansions: http://bit.ly/1q2dA62
IPAA’s Russell: Methane Emission Reductions: An Industry Priority Goes Unrecognized: http://bit.ly/1w5HpW2
ANGA’s Durbin: Why Emissions are Falling from a Source You Might Not Expect: http://bit.ly/1w46dOc
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.