Skip to main content

EIA's Natural Gas and Oil Reserves' Annual Report

By
The Energy Information Administration recently released an Advance Summary of U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves - 2005 Annual Report (PDF). Here's are some highlights:

Reserves additions replaced 164 percent of 2005 dry natural gas production as U.S. natural gas proved reserves increased for the seventh year in a row according to estimates released today by the Energy Information Administration. The 6 percent increase in 2005 was the largest annual increase in natural gas proved reserves since 1970.

Reserves additions of crude oil replaced 122 percent of the 2005 production. Crude oil proved reserves went up in 2005 for the first time in 3 years, increasing by 2 percent. Two of the four largest U.S. oil-producing areas, Texas and California, reported increases in proved crude oil reserves in 2005 while the Gulf of Mexico Federal Offshore and Alaska reported declines.

U.S. crude oil production declined in 2005 due to lower production in the Gulf of Mexico and Alaska. The Rocky Mountain States, however, generally increased their crude oil production in 2005 with Montana showing the largest increase at 36 percent owing to development of the Bakken Formation in the Williston Basin.

Gas reserves additions onshore in the lower 48 States were large enough to overcome a 10 percent drop in gas reserves reported for the Gulf of Mexico Federal Offshore. The majority of natural gas reserves additions in 2005 were extensions of existing gas fields rather than new field or reservoir discoveries.

Total U.S. natural gas production declined 4 percent in 2005 due to the effect of Hurricanes Katrina and Rita which cut natural gas production in the Gulf of Mexico (which had accounted for 20 percent of U.S. dry gas production in 2004) by 80 percent at the peak of hurricane-related curtailments. Gulf of Mexico production slowly returned and is expected to reach roughly 90 percent of 2005's pre-hurricane production rate in September 2006. Gas production from the Gulf had been declining at about 10 percent per year prior to the hurricanes.

Technorati tags: , , ,

Comments

Post a Comment

Popular posts from this blog

Fluor Invests in NuScale

By
You know, it’s kind of sad that no one is willing to invest in nuclear energy anymore. Wait, what? NuScale Power celebrated the news of its company-saving $30 million investment from Fluor Corp. Thursday morning with a press conference in Washington, D.C. Fluor is a design, engineering and construction company involved with some 20 plants in the 70s and 80s, but it has not held interest in a nuclear energy company until now. Fluor, which has deep roots in the nuclear industry, is betting big on small-scale nuclear energy with its NuScale investment. "It's become a serious contender in the last decade or so," John Hopkins, [Fluor’s group president in charge of new ventures], said. And that brings us to NuScale, which had run into some dark days – maybe not as dark as, say, Solyndra, but dire enough : Earlier this year, the Securities Exchange Commission filed an action against NuScale's lead investor, The Michael Kenwood Group. The firm "misap...
1 comment
Read more

Wednesday Update

By
From NEI’s Japan micro-site: NRC, Industry Concur on Many Post-Fukushima Actions Industry/Regulatory/Political Issues • There is a “great deal of alignment” between the U.S. Nuclear Regulatory Commission and the industry on initial steps to take at America’s nuclear energy facilities in response to the nuclear accident in Japan, Charles Pardee, the chief operating officer of Exelon Generation Co., said at an agency briefing today. The briefing gave stakeholders an opportunity to discuss staff recommendations for near-term actions the agency may take at U.S. facilities. PowerPoint slides from the meeting are on the NRC website. • The International Atomic Energy Agency board has approved a plan that calls for inspectors to evaluate reactor safety at nuclear energy facilities every three years. Governments may opt out of having their country’s facilities inspected. Also approved were plans to maintain a rapid response team of experts ready to assist facility operators recoverin...
Post a Comment
Read more

Nuclear Utility Moves Up in Credit Ratings, Bank is "Comfortable with Nuclear Strategy"

By
Some positive signs that nuclear utilities can continue to receive positive ratings even while they finance new nuclear plants for the first time in decades: Wells Fargo upgrades SCANA to Outperform from Market Perform Wells analyst says, "YTD, SCG shares have underperformed the Regulated Electrics (total return +2% vs. +9%). Shares trade at 11.3X our 10E EPS, a modest discount to the peer group median of 11.8X. We view the valuation as attractive given a comparatively constructive regulatory environment and potential for above-average long-term EPS growth prospects ... Comfortable with Nuclear Strategy. SCG plans to participate in the development of two regulated nuclear units at a cost of $6.3B, raising legitimate concerns regarding financing and construction. We have carefully considered the risks and are comfortable with SCG’s strategy based on a highly constructive political & regulatory environment, manageable financing needs stretched out over 10 years, strong partners...
Post a Comment
Read more