US hydrocarbons reserves contract

USA

HOUSTON, December 15, 2016 – The US Energy Information Administration (EIA) on Wednesday released its year-end 2015 figures for the US market, revealing a drop in proven oil and gas reserves.

The agency ties the decline to the drop in commodity prices between 2014 and 2015, during which time WTI crude oil spot prices and Henry Hub gas prices fell by 47% and 42%, respectively, and the accompanying reduction in drilling activity in the US.

According to EIA data, proven gas reserves went down by 1.83 tcm (64.5 tcf), a drop of 16.6%, to reach 9.2 tcm (324.3 tcf). Oil reserves fell at a rate of 11.8% to reach 35.2 billion barrels at the end of 2015, 4.7 billion barrels less compared with the year before.

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