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DOE: Proved Oil Reserves Grow

October 16, 2008

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For the first time in four years, U.S. proved oil reserves increased during 2007, as proved reserve additions of 2 billion barrels exceeded production of 1.7 billion barrels, according to information released this week by the U.S. Energy Information Administration.


Year-end proved reserves in 2007 stood at 21.3 billion barrels, nearly 2 percent higher than at the end of 2006.

The largest increase of year-end crude oil proved reserves came from Alaska, growing 7 percent over 2006 (284 million barrels), followed closely by Texas with a year-end increase in proved reserves of 5 percent (251 million barrels). Alaska's increase included 45 million barrels of new field discoveries.

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Due to rapid development of unconventional oil resources associated with the Bakken Formation, North Dakota had the third largest year-end increase in crude oil proved reserves, up 17 percent from 2006 (70 million barrels).

More info: http://www.eia.doe.gov/oil_gas/fwd/adsum.html

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