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EIA: proved reserves of US natural gas established a new record; oil reserves increased by 16% at the end of 2021

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In 2021, proved reserves of natural gas set a new record in the United States, and proved reserves of crude oil and lease condensate increased, but not quite to pre-pandemic levels, according to the US Energy Information Administration (EIA). In 2021, Texas’s annual crude oil and lease condensate proved reserves increased by 12% (1.9

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EIA: US Permian Basin oil production and resource assessments continue to increase

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Crude oil production in the US Permian Basin is expected to increase to an estimated 2.4 Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months, even as domestic crude oil prices fell. Recent geological surveys have further explored the resources contained in the Permian Basin.

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Apache confirms significant new resource play in Texas: 75 Tcf gas, 3B barrels of oil

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Apache Corporation has confirmed the discovery of a significant new resource play—the “Alpine High”—in the southern portion of the Delaware Basin, primarily in Reeves County, Texas. Apache also sees significant oil potential in the shallower Pennsylvanian, Bone Springs and Wolfcamp formations.

Oil 150
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USGS estimates 20B barrels of oil in Texas’ Wolfcamp Shale; largest USGS estimate of continuous oil ever in US

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The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.

Oil 150
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Obama Administration announces 21M-acre oil and gas lease sale offshore Texas

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The US Department of the Interior will offer more than 21 million acres offshore Texas for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area. Lease Sale 233 will include 3,953 blocks, covering about 21.1

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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. billion oil-equivalent barrels at year-end 2017. During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Resource Base. Exxon Mobil Corporation added 2.7

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ExxonMobil doubles Permian Basin resources to 6B barrels via acquisitions

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Exxon Mobil Corporation will more than double its Permian Basin resource to 6 billion barrels of oil equivalent through the acquisition of companies owned by the Bass family of Fort Worth, Texas, with an estimated resource of 3.4 growth area for onshore oil production. ExxonMobil will make an upfront payment of $5.6