EIA Says U.S. Natural Gas Reserves Highest Ever

 

EIA issued the following press release today:

U.S. Energy Information Administration Washington, DC 20585

FOR IMMEDIATE RELEASE

OCTOBER 29, 2009

Natural Gas Reserves at Record High – Oil Reserves Fall with Lower Price

At the end of 2008, domestic natural gas proved reserves reached their highest level since the U.S. Energy Information Administration (EIA) began reporting them in 1977, according to “Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves, 2008”, released today by EIA. Discoveries of 29.5 trillion cubic feet (Tcf) of gas during 2008, an increase of 3 percent, represent the sixth consecutive yearly increase.

Reserves from shale reservoirs grew dramatically, up 51 percent over 2007 and now accounting for 13 percent of total proved reserves of dry natural gas. “This year’s report underscores for a second year the technological shift in domestic exploration and production from conventional reserves to unconventional shales” said EIA Administrator Richard Newell. “Given the drop in the price of natural gas during 2008, growth in proved reserves is remarkable.”

“Remarkable” is an understatement.

Here’s EIA’s graph: