The United States Geological Survey (USGS) is charged with the
cataloguing an assessment of land formations and mineral reserves in the
United States. They have recently assessed the potential additions to
domestic oil and gas reserves from reserve growth in discovered,
conventional accumulations. All the assessed reserves are believed to be
technically recoverable and do not include Federal offshore areas. The
numbers show significant growth in the known (discovered) fields
throughout the country.
Reserve growth is one component of overall oil and gas endowment. The other two components are from reserves and undiscovered, but technically recoverable reserves. All three parameters are used to make energy decisions by government and industry.
USGS used an updated methodology to assess reserve growth in comparison to previous assessments. In the past, estimates relied on statistical extrapolations of growth trends. The new method is more scientifically grounded, based on a detailed analysis of geology and engineering practices used in producing fields.
"By providing geologically based, domestically consistent estimates of the potential additions of oil and gas from the growth in reserves in known fields, and placing that information in the public domain, we are furnishing a valuable projection on how much and where fossil fuels may be produced in the future," said USGS Director Marcia McNutt. "When combined with our estimates of undiscovered resources, policy makers can obtain a more complete picture of domestic, technically recoverable oil and gas."
Read more: http://oilprice.com/Energy/Crude-Oil/USGS-Assesses-the-Growth-of-Conventional-Oil-Reserves-in-the-US.html
Reserve growth is one component of overall oil and gas endowment. The other two components are from reserves and undiscovered, but technically recoverable reserves. All three parameters are used to make energy decisions by government and industry.
USGS used an updated methodology to assess reserve growth in comparison to previous assessments. In the past, estimates relied on statistical extrapolations of growth trends. The new method is more scientifically grounded, based on a detailed analysis of geology and engineering practices used in producing fields.
"By providing geologically based, domestically consistent estimates of the potential additions of oil and gas from the growth in reserves in known fields, and placing that information in the public domain, we are furnishing a valuable projection on how much and where fossil fuels may be produced in the future," said USGS Director Marcia McNutt. "When combined with our estimates of undiscovered resources, policy makers can obtain a more complete picture of domestic, technically recoverable oil and gas."
Read more: http://oilprice.com/Energy/Crude-Oil/USGS-Assesses-the-Growth-of-Conventional-Oil-Reserves-in-the-US.html
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