EIA: Proved Reserves for Natgas Up 10% Last Year, Marcellus Leads

If you knock around the oil and gas industry more than a day or two, you’re bound to hear industry veterans talking about (particularly in reports to investors) something called “proved reserves.” Proved reserves, according to the U.S. Energy Information Administration (EIA), “are those volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.” That is, proved reserves are what’s in the ground now, can be gotten out, and we can prove it. A new report issued yesterday by the EIA says proved reserves for natural gas went up a huge 10% last year–to an all-time record high of 354 trillion cubic feet. And where did proved reserves go up the most? Yep, the Marcellus in PA and WV…

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