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US oil reserves down, gas up
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Costs - Natural gas - Oil well production - Petroleum industry - Petroleum prospecting - Reserves to production ratio - Shale;
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US crude oil reserves fell 3.5% in 2003, on the other hand dry natural gas reserves increased for the fifth consecutive year, adding 1%. Total discoveries of crude oil, which comprise new field discoveries, extensions, and new discoveries in old fields, were at 1.2 million bbl. These were 16% more than the prior 10-year average, and 30% more than 2002. Total discoveries of dry gas were 36% more than the prior 10 year average and 18% more than in 2002. Most of the increase in dry gas reserves in 2003 came from extensions of existing conventional and unconventional gas fields.
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