OUTLOOK 2003: United States
US Reserves

Frontiers bring most reserves

 Total US crude proved reserves grew by 401 million bbl to 22.4 billion bbl – a 1.8% increase over the 2000 through 2001 period – the most recent years for which this data is available. New reserves exceeded the 1.92 billion bbl of crude produced in 2001 by 21%, with most coming from the deepwater Gulf of Mexico and Alaska, two frontier areas. Total US proved dry gas reserves in 2001 increased by 3.4% to 183.5 Tcf and surpassed production by 31%.

 Crude. Recent exploration success is impressive and sustained. From 1997 through 1996, proved crude reserves fell 17 out of 19 years. However, in four of the last five years, reserves improved. From 2000 to 2001, total discoveries (sum of field extensions, new fields and new reservoirs in old fields) doubled to 2.66 billion bbl, three times the prior 10-year average; 56% of these came from the Gulf of Mexico. In all, new field discoveries increased by a whopping 1,131 million bbl – four times as much as in 2000 and over six times as much as the prior 10-year average. Thunder Horse, southeast of New Orleans in 6,000-ft water, accounts for almost all of these new reserves. 

Estimated U.S. crude oil proved reserves, 2001 vs. 2000, million bbl

 Natural gas. Most additions were in Wyoming (2.2 Tcf), Colorado (2.1 Tcf) and Texas (1.4 Tcf) due to drilling and improved stimulation technology. About 27% of total reserves are in Texas, while 24% are in the Gulf of Mexico, which continued to dominate with an 80% increase in new discoveries, some 3,600 Bcf. 

Estimated U.S. dry gas reserves, 2001 vs. 2000, Bcf at 14.73 psia and 60°F

 New discoveries in old fields rose by 18% to 2,800 Bcf – the Gulf of Mexico accounted for 49% of that increase. Field extensions added 16,380 Bcf in 2001, up 11%. Annual dry gas production climbed almost 3% to 19.78 Tcf, the highest level since 1977. 

 Coalbed methane accounted for 9.6% of proved dry gas reserves and 7.9% of dry gas production. These reserves increased 12% to 17.5 Tcf and are now more than quadruple the volume reported in 1989. CBM production grew by 13% to 1,562 Bcf. This accounts for about 8% of US dry gas production.