The United States had 341.1 trillion cubic feet (Tcf) of natural gas proved reserves as of December 31, 2016, an increase of 5% from 2015, according to U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2016, released today by the U.S. Energy Information Administration (EIA). U.S. crude oil and lease condensate proved reserves remained at 35.2 billion barrels at year-end 2016 (a slight net decline of 17 million barrels).
Pennsylvania had the largest net increase in natural gas proved reserves of all states in 2016, adding 6.1 Tcf of natural gas proved reserves in the Marcellus Shale play in the Appalachian Basin. The share of natural gas proved reserves from shale compared with total natural gas increased from 54% in 2015 to 62% in 2016.
Texas had the largest net increase in proved reserves of crude oil and lease condensate of all states in 2016, adding 941 million barrels of proved crude oil and lease condensate reserves, mostly from development in the Permian Basin. Operators drilled and completed long, horizontal wells into the stacked oil-bearing formations of the Spraberry Trend and the Wolfcamp Shale.
Key data points: The growth forecast = 5.0% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities and forecasts in tight gas market to 2031 by type (processed tight gas and unprocessed tight gas), application (residential, commercial, industrial production, power generation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pagesIn 2016, U.S. production of crude oil and lease condensate decreased by 6% from 2015, and U.S. production of total natural gas decreased by 1%.
