SEATTLE (Oil Monster): The latest report published by the U.S. Energy Information Administration (EIA) indicates that the country’s crude oil and natural gas proved reserves in 2023 edged lower from the 2022 record. The operators revised their proved reserves estimate downward in response to falling prices in 2023.
The U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2023 Report noted that the U.S. proved reserves of crude oil and lease condensate totalled 46 billion barrels at the end of the year, which is down by almost 4% upon comparison with the record levels in 2022. The U.S. proved reserves of natural gas recorded a year-on-year decline by 13% to 604 trillion cubic feet at year-end 2023.
Among all U.S. states, North Dakota reported the largest annual net decline in crude oil and lease condensate reserves. The reserves witnessed a decline of 611 million barrels or 12% from the 2022 levels. The second largest decline was recorded by Alaska, whose reserves were down by 11% or 384 million barrels. On the contrary, New Mexico’s reserves jumped the most, rising by 380 million barrels.
Alaska witnessed the largest annual net decline in natural gas proved reserves among all states, with a dip of 28 trillion cubic feet or 23% over 2022, followed by Texas. The highest increase was reported by Montana.