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At year-end 2006, the US EIA released its estimates for US crude and gas reserves for 2005. Proved crude oil reserves rose nearly 2%, or 386 million bbl, in 2005, in contrast to the prior year drop of 2.5%. This was the first increase since 2002. Additions to reserves surpassed crude production in 2005 by 22%.
Natural gas proved reserves increased by 6% in 2005, the largest increase since 1970. Reserves additions exceeded 2005 dry gas production by 64%, as US gas reserves increased for the seventh consecutive year.
Crude. Texas easily had the largest gain of any state, at 306 million bbl in reserve additions, while Wyoming added 76 million bbl, Montana gained 63 million bbl, and Oklahoma and California expanded by 60 and 59 million bbl, respectively. Field extensions in these four states comprised the majority of crude reserve additions.
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Houston, TX - November 4-5
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