State Fares Better in Reserves for Oil; Behind in Natural Gas
Fears, Ronda, THE JOURNAL RECORD
Oklahoma fared better than the nation as a whole in proved crude oil reserves standings in 1988, but fell below the nation in natural gas proved reserves despite widespread extensions, according to a Department of Energy report.
Proved reserves are those commodities geological and engineering data show can be recovered in future years under existing economic and operating conditions. Extensions are new wells drilled in old fields that add to the proved area.
An advance summary of the Department of Energy's 1988 annual report on crude oil, dry natural gas and natural gas liquids has been released. The report is based on data filed by 4,599 operators of oil and gas wells and operators of 948 active natural gas processing plants.
When there are not enough heavy hydrocarbon molecules in gas to form a liquid at the surface, it is called "dry."
While U.S. crude oil proved reserves at yearend 1988 dropped 1.6 percent to 26.8 billion barrels, Oklahoma was among four major producing areas showing a slight increase, a federal report shows.
Oklahoma reported a 1 percent increase in crude oil reserves to 796 million 42-gallon barrels, up from 788 million barrels at yearend 1987. Thirty-two extensions were filed in Oklahoma. However, no new field discoveries were reported in Oklahoma and only two new reservoirs were discovered in old fields. …