U.S. proved reserves of natural gas increase 5%

Pennsylvania had the largest net increase in natural gas proved reserves of all states in 2016, adding 6.1 Tcf of natural gas proved reserves in the Marcellus Shale play in the Appalachian Basin. The share of natural gas proved reserves from shale compared with total natural gas increased from 54% in 2015 to 62% in 2016. Texas had the largest net increase in proved reserves of crude oil and lease condensate of all states in 2016, adding 941 million barrels of proved crude oil and lease condensate reserves, mostly from development in the Permian Basin. Operators drilled and completed long, horizontal wells into the stacked oil-bearing formations of the Spraberry Trend and the Wolfcamp Shale. In 2016, U.S. production of crude oil and lease condensate decreased by 6% from 2015, and U.S. production of total natural gas decreased by 1%. 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. Source / More: U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2016 oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>

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