US sets new records for proved oil and natural gas reserves in 2018

Strong oil and natural gas prices in 2018 drove the increase in oil and natural gas proved reserves in the US to these record levels.

“The US increased its proved reserves of oil and natural gas, establishing new records in 2018 according to a recently released EIA report”, EIA Administrator Linda Capuano said in a statement. “Crude oil and lease condensate increased by 12% from 2017, and natural gas climbed 9% during the same reporting period.”

Texas saw the largest net increase in natural gas proved reserves of all states in 2018 (22.9 trillion ft³) with the largest share of the increase coming from the Wolfcamp/Bone Spring shale play in the Permian Basin. The next largest gain in natural gas proved reserves in 2018 was in Pennsylvania (14.2 trillion ft³), with the largest share of the increase coming from the Marcellus shale play of the Appalachian Basin.

Proved reserves are those volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.