Oil company additions to proved reserves in 2017 were the highest since 2013

U.S. Energy Information Administration --------- In 2017, a group of the world’s largest publicly traded oil and natural gas producers added more hydrocarbons to their resource base than in any year since 2013, according to the annual reports of 83 exploration and production companies. Collectively, these companies added a net 8.2 billion barrels of oil equivalent (BOE) to their proved reserves during 2017, which totaled 277 billion BOE at the end of the year. Exploration and development (E&D) spending in 2017 increased 11% from 2016 levels but remained 47% lower than 2013 levels. Of the 83 companies, 18 held more than 80% of the 277 billion BOE in proved reserves at the end of 2017. Although many of these companies have global operations, some are national oil companies with reserves concentrated in their home countries, including Russia, China, and Brazil. Proved reserves change from year to year because of revisions to existing reserves, extensions and discoveries of new resources, purchases and sales of proved reserves, and production. To learn more click on the picture below to read the article.