US Crude Oil, Natgas Reserves Both Rose Over 9% In 2013

Hess To Form MLP For North Dakota Oil, Gas Transport Assets
Proven crude oil and lease-condensate reserves in the US increased 9.3% to 36.5 billion barrels in 2013, up from 33.4 billion barrels in 2012, the US Energy Information Administration says.


Dec 4 (Reuters) - Proven crude oil and lease-condensate reserves in the United States increased 9.3 percent to 36.5 billion barrels in 2013, up from 33.4 billion barrels in 2012, the U.S. Energy Information Administration said in a report Thursday.

That was the fifth year in a row of increases, with reserves exceeding 36 billion barrels for the first time since 1975, EIA said.

It also said proven wet natural gas reserves rose 9.7 percent to a record 354 trillion cubic feet in 2013, up from 322.7 tcf in 2012.

EIA said the increase in gas reserves was spurred by a rise in the average price for the fuel to $3.66 per million British thermal units in 2013 from $2.75 in 2012, which encouraged energy companies to drill for gas in fields that were not considered economic in 2012.

Proved reserves of crude oil and lease condensate in North Dakota, meanwhile, surpassed those in the federal Gulf of Mexico in 2013, ranking it second only to Texas among U.S. states, EIA said.

Collectively, North Dakota and Texas accounted for 90 percent of the overall net increase in U.S. proved oil reserves in 2013.

Tight oil plays accounted for 28 percent of all U.S. crude oil and lease condensate proved reserves, EIA said, noting the Bakken/Three Forks play covering parts of North Dakota, Montana and South Dakota regained its position as the largest tight oil play in the nation.


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Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
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