Oil and gas discoveries rose markedly in the U.S. last year but not enough to halt declines in reserves.
The Energy Information Administration reported yearend 1993 reserves stood at 22.957 billion bbl of crude oil, 162.415 tcf of dry gas, and 7.222 billion bbl of natural gas liquids. Declines were 3.3% for oil, 1.6% for gas, and 3% for NGL.
U.S. production for 1993 amounted to 2.339 billion bbl of crude oil, 17.789 tcf of gas, and 788 million bbl of NGL. Compared with 1992, crude was down 4%, gas up 2%, and NGL up 2%.
EIA's advance summary of its annual tally of reserves noted that increased gas prices and drillin...