U.S. oil reserves rise for fifth consecutive year
According to the U.S. Energy Information Administration (EIA), U.S. crude oil and condensate proved reserves increased for the fifth consecutive year, in 2013, up 3.1 Bbbl to 36.5 Bbbl. Proved reserves of natural gas set a record, increasing 31.3 Tcf to 354 Tcf. Proved reserves are the EIA’s estimated volumes of hydrocarbon resources that have undergone analysis of geologic and engineering data. These resources, with an assumed 90% or better probability, can be produced economically and operationally.
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