Proved crude oil reserves in the US reached their highest level in more than 40 years in 2014, surging by 3.4 billion barrels over the year.
According to the EIA’s US Crude Oil and Natural Gas Proved Resources, 2014, oil reserves rose by 9%, surpassing the 1972 high of 39 billion barrels.
Crude oil and lease condensate reserves were recorded at 36.5 billion barrels in 2013.
At a state level, Texas had the largest increase in proved reserves of 2,054 million barrels, which represents 60% of the nation’s total net increase in 2014. Most of these new reserves were added in the Texas segment of the Permian Basin and the Eagle Ford Shale play. North Dakota had the second-largest increase, most of which were added in the Bakken tight oil plan of the Williston Basin.
Production of oil and natural gas in the US increase in 2014 – with crude and lease condensate output increased by 17%.
Proved reserves are volumes of oil and natural gas that data demonstrates with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.