Reserves

Colombia’s oil and gas production along with its proven reserves are falling and investment will likely fail to recover to pre-Covid-19 pandemic levels this decade, according to new analysis from Rystad Energy. Colombia is Latin America’s third-largest oil and gas producer behind Brazil and Mexico, but crude oil production this year is on track to…

The Williston Basin’s Bakken and Three Forks formations within Montana and North Dakota contain substantial natural gas and oil reserves yet to be discovered, but extensive drilling since 2013 has reduced the overall amount, according to the U.S. Geological Survey (USGS). Researchers in the latest report, as in the one published in 2013, assessed the…

A two-year trend of rising proved reserves of natural gas and oil in the United States ground to a halt amid a decline in prices in 2019, according to the Energy Information Administration (EIA). Natural gas proved reserves decreased 1.9% year/year in 2019 to 494.9 Tcf from 504.5 Tcf. This is the first annual decrease…

On the strength of domestic oil and gas production, last year saw the United States enjoy the greatest level of energy security since at least 1970, according to a report published Wednesday by the U.S. Chamber of Commerce’s Global Energy Institute (GEI). In the 2020 edition of its annual Index of U.S. Energy Security Risk,…

Shareholders of Houston-based Noble Energy Inc. on Friday approved a pending merger with Chevron Corp. in a special meeting, all but guaranteeing the tie up will be completed by year’s end. Chevron in July clinched a definitive agreement in an all-stock transaction worth $5 billion that carried a total enterprise value, including debt, of $13…

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.

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).