Full Title: U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2016
Author(s): U.S. Energy Information Administration
Publisher(s): U.S Department of Energy
Publication Date: February 1, 2018
Full Text: Download Resource
Description (excerpt):
In 2016, total natural gas proved reserves in the United States increased by 5% from 324.3 trillion cubic feet (Tcf) to 341.1 Tcf—an increase of 16.8 Tcf. Over the same period, while proved reserves of U.S. crude oil and lease condensate rose 3% onshore in the Lower 48 states, declines in oil reserves in Alaska and the Federal Offshore led to virtually the same total U.S. crude oil and lease condensate at year-end 2016, at 35.2 billion barrels. Despite increasing prices later in 2016, the average first-of-the-month prices used to calculate reserves dropped for both natural gas (down 6%) and for crude oil (down 15%) compared to 2015.