Reserves grew in 2007, Energy Information Administration says
Domestic oil and natural gas reserves are growing in the U.S., the federal government says.
Earlier this month, the U.S. Energy Information Administration said the nation’s domestic oil and gas exploration companies increased its proved reserves of crude oil by 2 percent in 2007, meaning it added more than enough reserves to cover
For natural gas, companies added more than twice as much in proved reserves as it produced in 2007 and ended the year with a highest total proved reserves since at least 1977, when the agency first started estimating proved reserves.
Proved reserves, federal officials say, are the estimated quantities of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
Officials say the 2007 increase in natural gas reserves was historic. It was the ninth consecutive year in which reserves grew, but the growth was more than twice as much as in any other year since the agency began estimating those reserves, and mostly reflect the rapid development of unconventional natural gas resources made up of coalbed methane and resources like shale and tight, low permeability, formations that use advanced technologies like horizontal drilling with hydraulic fracturing.
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