Advance Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 1999 Annual Report.(Brief Article)

U.S. proved reserves of crude oil, natural gas, and natural gas liquids all rose in 1999 (see table), and crude oil reserves posted the largest percentage increase (3.5) in the 23 years the Energy Information Administration has been compiling these data.

U.S. Proved Reserves, 1989-1999             Crude Oil                  Natural Gas Liquids                    Percent                         Percent        Million    Change              Million     Change        Barrels    From                Barrels     From        (42 U.S.   Previous            (42 U.S.    Previous Year   Gallons)   Year         Year   (Gallons)   Year  1989    26,501      -1.2       1989     7,769       -5.7 1990    26,254      -0.9       1990     7,586       -2.4 1991    24,682      -6.0       1991     7,464       -1.6 1992    23,745      -3.8       1992     7,451       -0.2 1993    22,957      -3.3       1993     7,222       -3.1 1994    22,457      -2.2       1994     7,170       -0.7 1995    22,351      -0.5       1995     7,399       +3.2 1996    22,017      -1.5       1996     7,823       +5.7 1997    22,546      +2.4       1997     7,973       +1.9 1998    21,034      -6.7       1998     7,524       -5.6 1999    21,765      +3.5       1999     7,906       +5.1        Dry natural Gas                   Percent                  Change        Billion   From        Cubic     Previous Year   Feet(a)   Year  1989   167,116     -0.5 1990   169,346     +1.3 1991   167,062     -1.3 1992   165,015     -1.2 1993   162,415     -1.6 1994   163,837     +0.9 1995   165,146     +0.8 1996   166,474     +0.8 1997   167,223     +0.4 1998   164,041     -1.9 1999   167,406     +2.1 

(a) 14.73 pounds per square inch absolute, 60 [degrees] Fahrenheit.

Note: Reserves are measured at the end of the year.

Source: Energy Information Administration.

Proved reserves are those quantities that geological and engineering data demonstrate with reasonable certainty to be recoverable in the future from known reservoirs under existing economic and operating conditions. For crude oil reserves in 1999, the key element in this definition was "economic conditions," for it was largely the increase in crude oil prices that boosted the proved reserves. The December 1999 oil price used to estimate proved reserves was about three times the December 1998 price. The annual average domestic first purchase price rose 43 percent from the 1998 level, to $15.56 per barrel. Exploratory oil well completions, on the other hand, fell nearly 50 percent and total well completions were down about 40 percent, primarily because the low (and slow-recovering) 1998 oil prices did not support higher levels of drilling activity.

Natural gas proved reserves rose more than 2 percent, marking the fifth yearly increase in 6 years. Notable increases were seen in Texas, Colorado, and Utah, although reserves declined in Oklahoma and the Gulf of Mexico. Coalbed methane reserves and production continued to grow faster in 1999 than those of conventional gas; coalbed methane reserves rose to 8 percent of proved natural gas reserves and accounted for 7 percent of total dry gas production in 1999.

Natural gas liquids reserves, the sum of natural gas plant liquids and lease condensate reserves, rose more than 5 percent. Natural gas liquids represented 27 percent of total liquid hydrocarbon proved reserves in 1999.

Advance Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves, 1999 Annual Report; DOE/EIA-0216(99)Advance Summary; 16 pages, 9 tables, 9 figures. This report is available only via the Internet; go to www.eia.doe.gov and click on By Fuel [Petroleum], By Product [Crude Oil], and then scroll down to Other Links. Contact wmaster@eia.doe.gov if you have problems. Questions about the report's contents should be directed to John Wood, Office of Oil and Gas, at john.wood@eia.doe.gov or 214-720-6160. For general information about energy, contact the National Energy Information Center at infoctr@eia.doe.gov or 202-586-8800.