U.S. crude oil proved reserves increased in 2014 for the sixth year in a row with a net addition of 3.4 billion barrels of proved oil reserves — a 9% increase — according to U.S. Crude Oil and Natural Gas Proved Reserves, 2014, released by the U.S. Energy Information Administration (EIA).
U.S. natural gas proved reserves increased 10% in 2014, raising the U.S. total to a record 388.8 trillion cubic feet (Tcf).
Production of both oil and natural gas increased in 2014, the EIA said, adding that production of crude oil and lease condensate increased about 17% (rising from 7.4 to 8.7 million barrels per day), while production of natural gas increased 6% (rising from approximately 73 to 77 billion cubic feet per day).
- Natural gas proved reserves rose 10% in 2014, setting a new U. S. record of 388.8 trillion cubic feet
- Oil proved reserves rose 9% in 2014, exceeding a U.S. total of 39 billion barrels for the first time since 1972
- Sustained lower prices for crude oil and natural gas in 2015 have curtailed oil and natural gas drilling and have reduced operating economics; this is anticipated to reduce end-of-year 2015 oil and natural gas reserves