Articles tagged Reserves

Potential natural gas reserves in the United States were an estimated 3,374 Tcf at the end of 2018, a record high, according to a biennial report conducted by the Potential Gas Committee (PGC).

Canada's rich gas vein, the Montney formation, dominates British Columbia (BC) production, even though the industry has only scratched the surface to date, the BC Oil and Gas Commission (BCOGC) said.

ExxonMobil Corp. said it added 4.5 billion boe of proved oil and natural gas reserves in 2018, replacing 313% of the year’s production, to a total of 24.3 billion boe at the end of the year.

Estimates of potential natural gas reserves in the United States stood at a record 3,141 Tcf at the end of 2016, with shale plays accounting for 64% of the total, according to a biennial report conducted by the Potential Gas Committee (PGC).

By the British Columbia Oil and Gas Commission’s count, only 1.4% of an astronomical 3,337 Tcf of gas in five BC geological structures have made the jump from estimated resources to tapped reserves so far, even though provincial production doubled to about 5 Bcf/d since 2000.

The proved oil reserves for 68 publicly traded global producers that trade on U.S. stock exchanges declined in 2016 for the second consecutive year, dinged by writedowns mostly for the value of Canadian oilsands projects and fewer extensions and discoveries, according to an analysis by the Energy Information Administration.

Emerge Energy Services LP said Monday it plans to expand a sand facility south of San Antonio, TX, to serve proppant needs of oil and gas customers in the Eagle Ford Shale and Permian Basin.

ExxonMobil Corp. recorded a 19.3% reduction in its proved reserves in 2016, its steepest reduction ever, erasing almost 3.3 billion boe to end the year at under 20 billion boe. Only 65% of production was replaced last year, marking the second year in a row the supermajor failed to fully replace its output.

ExxonMobil Corp. recorded a 19.3% reduction in its proved reserves in 2016, its steepest reduction ever, erasing almost 3.3 billion boe to end 2016 at under 20 billion boe. The supermajor only replaced 65% of its production last year, marking the second year in a row it failed to fully replace its output.

Tulsa-based Vesta Midstream Partners LLC said it plans to design and construct its Oil City Gathering and Processing System in Carter County, OK, to offer low- and high-pressure gas gathering and processing services to wells in the South Central Oklahoma Oil Province (aka, the SCOOP). "Anchored by a long-term producer contract with a significant acreage dedication, Vesta is well-positioned to provide a broad spectrum of midstream services to producers in the SCOOP and STACK [the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties] areas," Vesta said. "As the company begins construction and works to meet the needs of its producer customers, Vesta will also consider projects in other oil and gas basins as well." Vesta formed recently with private-equity backing from Dallas-based Energy Spectrum Partners VII LP.