Proved U.S. crude reserves jumped just over 9 percent last year to a 42 year high, a new report by the U.S. Energy Information Administration said.

The report, published on Monday, found that U.S. crude oil and lease condensate proved reserves increased to 39.9 billion barrels last year, up 3.4 billion barrels, or 9.3 percent,  from 2013.

The increase marked the sixth straight year of rising proved crude reserves and was the first time since 1972 that proved crude reserves have shot past 39 billion barrels, the EIA said.

Texas added 2.1 billion barrels of crude oil and lease condensate proved reserves last year, the largest gain of any state in 2014.

Most of those new barrels were located in the Texas portion of the Permian Basin and the Eagle Ford Shale play.

North Dakota added 0.4 billion barrels of crude oil and lease condensate proved reserves, the second-largest increase in 2014, with most of that additions coming from the Bakken Shale play.

The United States produced an estimated 3.2 billion barrels of crude oil and lease condensate in 2014, a 17 percent year-over-year increase that marked the sixth straight year of climbing production.


eia 2014 proved reserves line graph
Image courtesy of the U.S. Energy Information Administration.

Total discoveries added 5.4 billion barrels to U.S. crude oil and lease condensate reserves in 2014, the report said.

Proved reserves of natural gas climbed by 34.8 trillion cubic feet to 388.8 Tcf in 2014, a 9.8 percent year-over-year boost that sent total proved natural gas reserves to a record-high level for the second consecutive year.

Operators in Pennsylvania added a net 10.4 trillion cubic feet of natural gas proved reserves in that state’s portion of the Marcellus Shale play, the biggest natural gas reserves gain in 2014.

Proved natural gas reserves in Ohio more than doubled thanks to more development at the Utica Shale play.

Last year, Idaho also reported proved natural gas reserves for the first time ever.

West Virginia moved past Wyoming and Colorado to become the fourth-largest state for natural gas proved reserves last year, behind Texas, Pennsylvania, and Oklahoma, according to the report.

Total U.S. natural gas discoveries was 50.5 Tcf in 2014, with 93 percent of those discoveries being extensions to existing natural gas fields.

The EIA estimates that total U.S. natural gas production climbed 6 percent in 2014 to a record-breaking 28.1 trillion cubic feet per day.


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