M a r k e t N e w s

U.S. reserves surpasses Nigerian reserves - fifth consecutive year

Posted on : Friday, 12th December 2014

 U.S. crude oil and lease condensate proved reserves has increased for the fifth consecutive year in 2013, increasing by nine per cent from the 2012 level to 36.5 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2013 report released yesterday by the U.S. Energy Information Administration (EIA), The Guardian reports.

With this new record, the U.S has surpassed Nigeria, whose reserves stands at 28.2 billion barrels, according to the Nigerian National Petroleum Corporation (NNPC).
The U.S, which used to depend on Nigeria for crude oil importation before the advent of shale oil, has become the second largest oil producer after Iraq.
While U.S. oil reserves and production increased in 2013, imports of crude oil declined by nearly 10 per cent.  Similarly, U.S. natural gas proved reserves and production increased in 2013, and natural gas imports declined by eight per cent.

Source : energy mix report
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