EIA: US reserves additions outpaced production in 2001

The Energy Information Administration said US crude oil and natural gas proved reserves increased in 2001, replacing production by substantial margins. Proved reserves increased by almost 2% in 2001 for oil and 3.4% for dry natural gas, EIA said in a report issued earlier this month. Conversely, natural gas liquids proven reserves decreased 4.2%. Click here to enlarge imageEIA said that, from 1977 through 1996, proven US crude oil reserves declined 17 out of 19 years. But in the last 4 out of 5 years, oil reserves have increased. New field discoveries of oil in 2001 were at the highest level since Alaska's Prudhoe Bay field proved reserves were added in the 1970s. Most of the crude o...

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