Two-year trend of rising proved oil and natural gas reserves halts
Wednesday, January 13, 2021
Amid a decrease in oil and gas prices, a two-year trend of rising proved reserves of oil and natural gas in the United States has come to a halt, according to the Energy Information Administration.
Natural gas proved reserves declined 1.9% year over year in 2019, falling to 494.9 Tcf from 504.5 Tcf. The change marks the first annual decrease in proved gas reserves in the U.S. since 2015; however, they remain at their second-highest level. Simultaneously, total natural gas production increased by 9.8% year over year in the U.S.
Oil proved reserves increased 367 million bbl in 2019 and proved reserves of lease condensate produced from gas wells dropped 313 million bbl, yielding a net gain of 54 million bbl of proved reserves of crude and lease condensate to 47.1 billion bbl at the end of 2019, meeting the record level set in 2018. U.S. oil and condensate production increased by 12.7% from 2018 to 2019.
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.