Fossil Oil Company, a Huston-based oil exploration company, has noted the surge in the U.S. gas reserve growth last year.
Research done by the American Gas Association revealed that 35 trillion cubic feet of natural gas reserves were added in 2013, a figure that is significantly up compared to previous years. The study gathered data from more than 30 companies that account for more than half of the United States’ total production and reserves. The figures are slightly lower compared to 2011, which had year-end values of 334 trillion cubic feet, while 2013 had 330 trillion cubic feet in reserve value. The trend for last year was an increase in the nation’s natural gas reserves with a subsequent decrease in its production numbers, meaning companies added more gas than they produced.
Due to an upward trend in the price of unconventional resources, experts expect dry gas to be more sought after in the coming years. The average rate for 2012 was $2.75 per mmBtu, and most sources agree the numbers will continue to go up. New discoveries like the Barnett, Haynesville, Fayetteville, Marcellus, Utica, Bakken/Three Forks, Niobrara, Eagle Ford and Woodford shale gas reserves reflect these trend fluctuations. Some of these shale sites were exploited on a bigger scale due to their relative closeness to the Earth’s surface, while Haynesville and others are farther beneath the ground and thus more prone to market pricing shifts.
Seven out of 10 of the United States’ 10 largest gas reserve holders are independent producers with no multinational ties.
Lisa Kittler, Client Relations for Fossil Oil , said “ It is difficult to determine with accuracy what the future holds with respect to gas production and reserve rates, especially given the amount of untapped resources that have yet to be discovered.”