Oil and natural gas exploration and development (E&D) is predicted to decline in line with lower crude prices, which in turn would ding the value of proved reserves, the Energy Information Administration (EIA) said Thursday.
Articles from Reserves
Appalachian pure-play CNX Resources Corp. increased its total proved reserves 7% year/year to 8.43 Tcfe as of the end of the fourth quarter, replacing more than 300% of its 2019 net production, management said Monday.
U.S. crude oil and lease condensate proved reserves increased by 12% in 2018 compared with 2017, and natural gas proved reserves rose 9% year/year, setting new records, according to data from the Energy Information Administration (EIA).
Potential natural gas reserves in the United States were an estimated 3,374 Tcf at the end of 2018, a record high, according to a biennial report conducted by the Potential Gas Committee (PGC).
Canada’s rich gas vein, the Montney formation, dominates British Columbia (BC) production, even though the industry has only scratched the surface to date, the BC Oil and Gas Commission (BCOGC) said.
ExxonMobil Corp. said it added 4.5 billion boe of proved oil and natural gas reserves in 2018, replacing 313% of the year’s production, to a total of 24.3 billion boe at the end of the year.
Estimates of potential natural gas reserves in the United States stood at a record 3,141 Tcf at the end of 2016, with shale plays accounting for 64% of the total, according to a biennial report conducted by the Potential Gas Committee (PGC).
By the British Columbia Oil and Gas Commission’s count, only 1.4% of an astronomical 3,337 Tcf of gas in five BC geological structures have made the jump from estimated resources to tapped reserves so far, even though provincial production doubled to about 5 Bcf/d since 2000.
The proved oil reserves for 68 publicly traded global producers that trade on U.S. stock exchanges declined in 2016 for the second consecutive year, dinged by writedowns mostly for the value of Canadian oilsands projects and fewer extensions and discoveries, according to an analysis by the Energy Information Administration.
Emerge Energy Services LP said Monday it plans to expand a sand facility south of San Antonio, TX, to serve proppant needs of oil and gas customers in the Eagle Ford Shale and Permian Basin.