Articles tagged Reserves

The U.S. oil and gas sector maintained robust profits and upstream capital expenditures (capex) in 2023, despite a substantial drop in commodity prices, according to a new analysis by Ernst & Young LLP, aka EY.

Spiking energy prices and the related across-the-board inflation aren’t being driven by a lack of oil and gas resources. Analysis from the U.S. Energy Information Administration (EIA) found that publicly traded exploration and production (E&P) companies increased proved reserves of oil and natural gas by 19.2 billion boe in 2021.

Colombia’s oil and gas production along with its proven reserves are falling and investment will likely fail to recover to pre-Covid-19 pandemic levels this decade, according to new analysis from Rystad Energy.

The Williston Basin’s Bakken and Three Forks formations within Montana and North Dakota contain substantial natural gas and oil reserves yet to be discovered, but extensive drilling since 2013 has reduced the overall amount, according to the U.S. Geological Survey (USGS).

A two-year trend of rising proved reserves of natural gas and oil in the United States ground to a halt amid a decline in prices in 2019, according to the Energy Information Administration (EIA).

On the strength of domestic oil and gas production, last year saw the United States enjoy the greatest level of energy security since at least 1970, according to a report published Wednesday by the U.S. Chamber of Commerce’s Global Energy Institute (GEI).

Shareholders of Houston-based Noble Energy Inc. on Friday approved a pending merger with Chevron Corp. in a special meeting, all but guaranteeing the tie up will be completed by year’s end.

Oil and natural gas exploration and development (E&D) is predicted to decline in line with lower crude prices, which in turn would ding the value of proved reserves, the Energy Information Administration (EIA) said Thursday.

Appalachian pure-play CNX Resources Corp. increased its total proved reserves 7% year/year to 8.43 Tcfe as of the end of the fourth quarter, replacing more than 300% of its 2019 net production, management said Monday.

U.S. crude oil and lease condensate proved reserves increased by 12% in 2018 compared with 2017, and natural gas proved reserves rose 9% year/year, setting new records, according to data from the Energy Information Administration (EIA).