US proved reserves of crude oil and natural gas reached all-time highs at year-end 2017, as higher commodity prices encouraged more drilling and expanded the scope of what operators deem economically recoverable.
Proved oil reserves for the year totaled 39.2 billion bbl, jumping 19.5% from a year earlier and edging higher than the 1970 record, according to an annual report from the US Energy Information Administration (EIA). Accounting for lease condensate, proved reserves were just under 42 billion bbl, up 19% year-over-year. Proved gas reserves were 464.3 Tcf, a 36.1% spike from a year earlier and well-above the 2014 all-time mark.
The reported increases come as US oil and gas production continues to set records. In its November Short-Term Energy Outlook, the EIA says it expects the country’s crude output to average 10.9 million B/D in 2018 and rise to 12.1 million B/D in 2019. Gas production is forecast to average 83.2 Bcf/D this year and 89.6 Bcf/D next year.
Diversified Gas & Oil Plc (DGOC) owns and operates gas and oil producing wells in the Appalachian Basin in the United States. The Company’s operations are based in the neighbouring states of Pennsylvania, Ohio and West Virginia, which cover part of the largest and oldest hydrocarbon producing field in the US, known as the Appalachian Basin.