Proved Reserves of US Oil in 2010 Rose By Highest Amounts Since Recording Began in 1977

Before The Permian Re-Surgence

Updates

August 5, 2012: a couple days after writing the note below, it was interesting to read EOG's comments about the Bakken (supporting what I wrote below): other than the Bakken and the Eagle Ford, all other North American "plays" are either inconsequential or NGL plays.

Original Post

While going through the top stories for the past week, I had to chuckle (again) recalling all those stories back in 2007, 2008, 2009, etc., by almost everyone, including Snopes.com, suggesting that stories coming out of the Bakken were just a bit of hype.

As a reminder, from an earlier post this week:

Earlier this week, August 1, 2012, the EIA published its annual summary of proved crude oil and natural gas reserves in the United States as of December 31, 2010.

Proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded since the U.S. Energy Information Administration (EIA) began publishing proved reserves estimates in 1977.

Net additions to proved reserves of crude oil plus lease condensate in 2010 totaled 2.9 billion barrels, surpassing the previous high of 1.8 billion barrels added in 2009 by 63 percent.

Again, to repeat in case anyone missed it: Proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded since the U.S. Energy Information Administration (EIA) began publishing proved reserves estimates in 1977.

North Dakota reported the second largest increase, 829 million barrels (78 percent), driven by development activity in the Williston Basin [the Bakken]. Collectively, North Dakota and Texas accounted for nearly 60 percent of the net increase in total U.S. proved reserves in 2010.

An honest reading of the EIA report will confirm that the Bakken was not hyped. To its credit, Snopes.com was a bit more circumspect in its analyis of the "Bakken story" -- suggesting, perhaps, that the "jury was still out."

Anyway, for what it's worth, that was the EIA report, for those who might have missed it the first time.