US oil, gas reserves rise during 1999

Robust commodity prices for oil and natural gas during 1999 bolstered growth in proven US oil and gas reserves, said the US Energy Information Administration in its latest annual report for US oil, natural gas, and NGL reserves.US proven crude reserves grew 3.5% in 1999 after declining 6.7% in 1998. EIA said that more than 137% of 1999 US oil production was replaced by proven reserve additions, the sum of total discoveries, and the net of revisions and adjustments. "The 1999 rebound in crude oil reserves was fundamentally driven by price increases, just as the [reserves] declines of 1998 had been driven by oil prices that were too low to develop and produce much of the US resource base," ...

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