Increased Reserves and Production for the Year of 2018 in the United States
The energy industry is a strong and resilient one!
Increased Reserves and Production for the Year of 2018 in the United States
As we wrap up the year of 2018, there is tremendous growth in both crude oil and natural gas production. According to the EIA, proved reserves of crude oil increased by 12% and natural gas reserves increased by 9%. These all set records previously set by the US and its energy production within the United States. Overall U.S. crude oil and lease condensate production increased year over year, this is great news for the Oil and Gas industry. Many of these increases are due to the growing production and development in Texas’s West Texas Permian Basin. Proved reserves also increased in New Mexico and North Dakota. Throughout 2018, Texas held the top spot for the largest proved oil reserves of any state and saw the largest volumetric increase, a “net increase of 2.3 billion barrels or crude oil and lease condensate proved reserves from 2017 to 2018”.
The energy industry is a strong and resilient one! As the reserves and production grows within the US, so does the overall petrochemical industry and supporting industries throughout the great United States of America.
All information and facts are provided and credited to the U.S. Energy Information Administration and can be found at the following link:
https://www.eia.gov/naturalgas/crudeoilreserves/