US proved reserves of crude oil, natural gas hit record levels

HOUSTON -- The proved reserves of crude oil in the United States increased 19.5 percent, or 6.4 billion barrels, to 39.2 billion barrels at year-end 2017, setting a new record high, according to the US Energy Information Administration (EIA) on Thursday.

The proved reserves of lease condensate in the United States increased 16 percent, or 0.4 billion barrels, to 2.8 billion barrels at year-end 2017.

The previous record of proved crude oil reserves was 39.0 billion barrels set in 1970. Since 2009, to provide a clearer picture of US liquid fuel resources, EIA features combined proved reserves of US crude oil and lease condensate in its reporting.

Producers in Texas added 3.3 billion barrels of crude oil and lease condensate proved reserves, the largest net increase of all states in 2017, followed by producers in New Mexico with 1.0 billion barrels and in the Federal Offshore Gulf of Mexico with 729 million barrels.

The proved reserves of natural gas in the country increased 123.2 trillion cubic feet (about 3.5 trillion cubic meters), or 36.1 percent, to 464.3 trillion cubic feet (about 13.1 trillion cubic meters) at year-end 2017, a new US record for total natural gas proved reserves. The previous US record was 388.8 trillion cubic feet (about 11.0 trillion cubic meters), set in 2014.

Producers in Pennsylvania added 28.1 trillion cubic feet (about 795.7 billion cubic meters) of natural gas proved reserves, the largest net increase of all states in 2017, followed by producers in Texas and Louisiana.