Proven oil and gas reserves in the United States reach a record high

According to the oil and gas news on December 16, the US Energy Information Agency (EIA) reported that the proven crude oil and natural gas reserves in the US have reached a new high. According to EIA's annual reserves report, the country's proven crude oil reserves increased by 12% from 39.2 billion barrels at the end of 2017 to 43.8 billion barrels at the end of 2018, setting a new record for the United States. The previous record was 39.2 billion barrels in 2017. The proven reserves of associated gas condensate in the United States increased by 14% from 2.8 billion barrels at the end of 2017 to 3.2 billion barrels at the end of 2018. From 2017 to 2018, US crude oil and associated gas condensate production increased by 17%. Texas producers added 2.3 billion barrels of proven crude and associated gas condensate reserves, the largest net increase in all States in 2018. The increase in reserves is due to the rise in oil prices and development in the Permian Basin of West Texas. At the same time, proven natural gas reserves increased by 9%, from 464.3 trillion cubic feet (about 13.15 trillion cubic meters) at the end of 2017 to 504.5 trillion cubic feet at the end of 2018, another record of total proved natural gas reserves in the United States. Shale gas accounts for 68% of the proven natural gas reserves in the United States by the end of 2018, up from 66% in 2017. Texas producers added 22.9 trillion cubic feet of proven gas reserves, the largest net increase of any state in 2018.