Nationwide, the amount of gas that producers can afford to get out of the ground, broke records in 2014, topping 388 trillion cubic feet, according to a new report from the Energy Information Administration.
A big chunk of these proven natural gas reserves came from Pennsylvania’s operators, who added 10.4 trillion cubic feet of gas to 2014’s totals. For the first time, natural gas from shale formations represents more than half of all proven U.S. gas reserves.
Shale oil drillers in North Dakota and Texas contributed to the bump in proven reserves of oil, which were greater than 39 billion barrels, making 2014 the fourth highest year on record.
Fadel Gheit, an energy analyst with Openheimer, says horizontal drilling and hydraulic fracturing as a technology drove the increased proven reserves for both oil and gas.
Read more on this report on the website of our partner StateImpact Pennsylvania.
