US proved reserves of oil and natural gas have increased by 9% and 10%, respectively, according a recent report from the US Energy Information Administration . The 3.1-billion bbl increase in proved oil reserves in 2013 marks the fifth consecutive jump, EIA said. Proved oil reserves reached 36.5 billion bbl in 2013, up from 33.4 billion bbl in EIA’s report in 2012. North Dakota added almost 2 billion bbl of oil in 2013, a 51% increase from 2012. Owing to further development of the Bakken and Three Forks formations in the Williston basin , North Dakota’s reserves surpassed those of the federal offshore Gulf of Mexico for the first time in 2013. Texas maintains its position of having the largest oil reserves, yet the state added 903 million bbl of proved oil reserves in the same period. Gas reserves were perhaps the biggest news reported by […]