US agency raises oil reserve estimates by 18.5%, drops natgas 25%

14 August 2012 19:57  [Source: ICIS news]

HOUSTON (ICIS)--A US agency on Tuesday increased its estimates of the nation’s oil reserves by 18.5%, while natural gas reserves fell by 25%.

In a new estimate from the US Geological Survey (USGS), the mean potential undiscovered, conventional reserve additions for the US total 32bn bbl of oil, 291 trillion cubic feet (tcf) of natural gas and 10bn bbl of natural gas liquids.

The previous mean USGS estimates from onshore and underlying state waters are 27bn bbl of oil and 388tcf of natural gas, according to the US Department of the Interior.

The estimates are for technically recoverable oil and gas and do not include reserve growth estimates for federal offshore areas, the Interior Department said.

Reserve growth is the increase in estimated volumes of oil and natural gas that can be recovered from known fields.

Unconventional oil and gas accumulations, such as shale gas, tight gas and tight oil were removed from the data set for this study.


Region

Mean Barrels of Crude Oil

Mean Cubic Feet of Natural Gas

Mean Barrels of Natural Gas Liquid

1. Alaska/Pacific Region

20bn

32tcf

1bn

2. Colorado Plateau/Basin & Range

2bn

18tcf

1bn

3. West Texas/Eastern New Mexico

4bn

52tcf

3bn

4. Gulf Coast

3bn

144tcf

4bn

5. Midcontinent/Eastern Region

2bn

45tcf

1bn

Totals

32bn

291tcf

10bn


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By: Anna Matherne
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