Proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded

Record Increases in U.S. Crude Oil and Natural Gas Reserves in 2010

Crude Oil Reserves Up 13 Percent to Highest Level Since 1991
Natural Gas Reserves Up 12 Percent, Top 300 Trillion Cubic Feet for First Time

U.S. proved crude oil and natural gas reserves achieved record annual volumetric increases in 2010 according to U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves, 2010, released today by the U.S. Energy Information Administration (EIA).

“The use of horizontal drilling and hydraulic fracturing in shale and other tight rock formations played an important role in the increase of oil and natural gas reserves,” said EIA Administrator Adam Sieminski. “For both oil and natural gas, these reserves increases underscore the potential of a growing role for domestically-produced hydrocarbons in meeting current and projected U.S. energy demand.”

Proved oil reserves, which include crude oil and lease condensate, increased by 13 percent in 2010 to 25.2 billion barrels, marking the second consecutive annual increase and the highest volume of proved reserves since 1991.

Proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded since the U.S. Energy Information Administration (EIA) began publishing proved reserves estimates in 1977.

• Net additions to proved reserves of crude oil plus lease condensate in 2010 totaled 2.9 billion barrels, surpassing the previous high of 1.8 billion barrels added in 2009 by 63 percent (Table 1).
• Net additions of wet natural gas in 2010 totaled 33.8 trillion cubic feet (Tcf), nearly 5 Tcf (17 percent) higher than the previous record of 28.8 Tcf, also added in 2009.

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http://www.eia.gov/naturalgas/crudeoilreserves/