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SEC rules might have meant US oil reserves hike

11/09/2009
By Alan Petzet
Proved US crude oil reserves fell by more than 10% in 2008, but there would likely have been a smaller drop or perhaps even an increase under new Securities and Exchange Commission rules.Proved natural gas reserves grew by almost 3%, largely due to continued development of unconventional gas from shales, said the US Energy Information Administration.Gas reserves additions replaced production of 20.5 tcf during 2008, and operators added 6.9 tcf on top of that. The new figure is 244.7 tcf, the highest since EIA began reporting in 1977.Gas discoveries of 29.5 tcf in 2008 were the sixth consecutive yearly increase and the highest level of discoveries in 32 years of reporting. Ninety percent o...
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