Crude Reserves in US Decline, Natural Gas Reserves Increase

U.S. crude oil proved reserves declined 4 percent in 2006, while natural gas reserves increased by 3% according to estimates released by the Energy Information Administration

The Gulf of Mexico Federal Offshore and Alaska, two of the largest oil producing areas, respectively reported 10 and 7 percent declines in crude oil proved reserves. This was due to downward revisions and fewer new discoveries. Utah reported the largest increase in crude oil proved reserves, adding 78 million barrels (a 30 percent increase from 2005), followed by Colorado and New Mexico. 

Domestic crude oil production declined 5 percent in 2006 due mostly to lower production in Alaska. Part of the decline resulted from an August 2006 shut-in of producing wells in half of the Prudhoe Bay Field for inspection and repair of corrosion in the gathering system. For the second year in a row Montana had the largest annual oil production increase of any state (6 million barrels; a 20 percent increase) owing to continued development of the Bakken Formation in the Elm Coulee Field. This relatively new and important oil field is difficult to produce and requires cutting-edge technology for economic production.

U.S. natural gas proved reserves increased 3 percent in 2006, rising to over 211 trillion cubic feet, the highest level since 1976. Additions to reserves replaced 136 percent of the dry natural gas produced in 2006. This was the eighth year in a row that U.S. natural gas proved reserves have increased.

Total U.S. natural gas production increased in 2006 due to production increases in Texas (Barnett Shale), Louisiana, and the Rocky Mountain states (Colorado, Wyoming, Utah, and Montana). Gulf of Mexico natural gas production declined the most with a 6 percent drop.

Advance Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2006 Annual Report is available on the EIA Internet site at:
http://www.eia.doe.gov/pub/oil_gas/natural_gas/data_publications/advanced_summary/current/adsum.pdf

Comments

[Jenny - Solar Energy Expert]

... those numbers about the production of oil are really informative. and i am sure scientist will find more and more oil reserves in future that allow an increase of the total production, the problem is just going to be that it will be very costly to get oil from the new discovered reserves. Also more and more cars are being driven each year. I think the companies should start to mobilize more power and funds in renewable energy.

... i recently also came across some very interesting opinions about that topic on the page Solar energy for the earth

[eric]

I have no confidence that future discoveries will allow for increases in overall production. Which makes it all the more important that we reduce fossil fuel usage.

[fjh]

Jenny, the natural gas being depicted are for fossil fuels; demand for CNG vehicles in the public sector are rising. Only Europe is integrating solid and liquid waste streams to produce bio-gas and use it to fuel buses, commuter trains and public vehicle fleets.

[natural gas]

Good post.The most important aspect of the EIA's report was the unprecedented increase in natural gas reserves. This reflects the rapidly growing importance of unconventional gas resources—such as coalbed methane and gas trapped in shale formations—in domestic production.

[domin]

want u natural gas price above 5$ per mmbtu but is very low comperison oter fuel commodities

[domestic wind turbine]

We need to spend more money on research and green energy. I think time is running spare. too much discussion around the problem and not enough around the solution.
iDigiBuzz

[JTC]

We have a surplus of natural gas which is curbing prices and hurting the domestic gas industry. Solution???? Let's add to that surplus and further cripple domestic job seekers (like we have done for oil) by importing Middle Eastern LNG! Please tell me this is a joke.

[theoharis]

23-4-2010
I will probably buy natural gas than oil because it’s so depressed .UNG etf 7.48
http://www.businessdevelopment.gr/investment.html

[Kenzieestefaniaa]

The post is good and it focus on the aspect of the EIA's report and natural gas reserves. I expect more number of post which will provide additional info to investors. Please visit http://investmentsinenergy.com for more articles.

[plumbing supplies]

It burns cleaner than coal and does not leave behind large amounts of cinder and ash that require proper disposal.

[Inspection of Work]

Only Europe is integrating solid and liquid waste streams to produce bio-gas and use it to fuel buses, commuter trains and public vehicle fleets.

[Air Purifier]

Hmm, natural gas increasing is good...right??

[dentist west hollywood]

Scary that the crude reserves are getting lower...very scary...

[Mark Peirano]

More oil off the coast of California than in all of Saudi Arabia, perhaps a deal could be made to provide 1/3 of the revenue to anyone who would drill and pump the oil, 1/3 of the revenue to the State of California (and perhaps save them from bankruptcy), and 1/3 of the revenues split per person that lives in California (approximately $27,831.00 per household).
`
Kuwait, Saudi Arabia, Alaska, et al. pay their citizens a portion of the oil revenues....perhaps Californians would benefit from $20,000-$30,000 per year once production levels were reached?

[Inspection of Work]

U.S. crude oil proved reserves declined 4 percent in 2006, while natural gas reserves increased by 3% according to estimates released by the Energy Information Administration

[seo los angeles]

You had another article about the gas production found in the mountains right? I can't remember...

[car lease los angeles]

How can natural gas reserves increase? We just happened to find more natural gas hanging out?

[access doors]

Oil is disappearing so rapidly! I try really hard to drive as little as possible, but so many people don't care.

[fashion books]

How much have these numbers changed now?

[laser hair removal los angeles]

So this is for the US, what about in other countries??