Texas holds No. 1 oil spot, EIA says

Texas holds No. 1 oil spot in nation, eclipsing North Dakota by nearly 2 billion barrels, EIA says.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  April 11, 2014 at 9:46 AM
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WASHINGTON, April 11 (UPI) -- Texas recorded the largest increase in proven oil reserves of any state, eclipsing North Dakota by nearly 2 billion barrels, the U.S. Energy Department said.

The Energy Information Administration, the statistical arm of the Energy Department, said Texas and North Dakota helped pushed proven crude oil reserves in the country to record highs. EIA said proved oil reserves in 2012, the last full year for which complete data are available, increased for the fourth consecutive year and were the highest since 1976.

"At the state level, Texas recorded the largest volumetric increase, up 3.0 billion barrels, in proved oil reserves among individual states, largely because of development in the Permian and Western Gulf basins," EIA said in a report Thursday. "North Dakota had the second-largest increase, up 1.1 billion barrels, driven by development of the Bakken and Three Forks formations in the Williston Basin."

So-called tight oil plays accounted for 22 percent of the proven reserves, or about 7.3 billion barrels.

In its monthly market report, released earlier this week, EIA said oil production this year should average 8.4 million barrels per day, a 13.5 percent increase from 2013.

In 2013, crude oil production from the Eagle Ford formation averaged 1.1 million bpd while Bakken produced an average 900,000 bpd.


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