The Energy Information Administration EIA reported on Monday that publicly traded oil and gas companies saw an increase in proved reserves for last year of an additional 2 billion barrels, despite rising costs of exploration and development in North America and Latin America. According to the EIA analysis, there was a 1% increase in proved reserves for 175 publicly traded companies in 2023.
oil output last year. The data does not include privately held producers. The boost in proved reserves is being aided by advances in recovery, project expansions and new discoveries, along with some upward revisions of earlier production capacity data. At the same time, the EIA noted that costs are rising for exploration and development, estimating that it is now approximately 20% more expensive for U.S. companies to increase reserves, and 10% more expensive for Canadian companies.
also released its revised global oil demand growth forecast for 2024, adjusting it to 1.78 million barrels per day, down from 1.85 million bpd projected previously. now expects global oil demand growth for this year to average 104.32 million bpd. For 2025, has also lowered its projections to 2.11 million bpd, down from 2.25 million bpd in its previous report. By Michael Kern for Oilprice.com
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