U.S. oil and gas reserves rise in 2014

U.S. crude oil/lease condensate proved reserves increased by 9%, to 39.9 billion barrels (BBbls), and natural gas proved reserves increased by 10%, to 389 trillion cubic feet (Tcf) in 2014, the U.S. Energy Information Administration said Monday.EIA, in its “U.S. Crude Oil and Natural Gas Proved Reserves” report, states U.S. crude oil/lease condensate proved reserves reached the highest level since 1972, and natural gas proved reserves surpassed 2013’s record level.Proved reserves are volumes of oil and natural gas that geologic and engineering data demonstrate with reasonable certainty to be recoverable under existing economic and operating conditions. Because they depend on economic factors, proved reserves shrink or grow as commodity prices and development costs change. EIA s estimates of proved reserves are based on an annual survey of domestic oil and natural gas well operators.Texas had the largest increase in proved reserves of crude oil and lease condensate, representing
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