American Oil and Gas Reporter - January 2017 - 127

U.S. government in the Alaska National
Interest Lands Conservation Act of 1980.
"At the signing ceremony for ANILCA,
then-President Jimmy Carter affirmed that
after it became law, '100 percent of the
offshore areas and 95 percent of the potentially productive oil and mineral areas will
be available for exploration or for drilling'
in Alaska," the three lawmakers wrote.
"Withdrawing acreage in the Arctic OCS
would explicitly break that promise."

Signaling that congressional attempts
to rescind President Obama's orders won't
be unanimous is a statement from U.S.
Senators Bob Menendez, D-N.J., and
Cory Booker, D-N.J., and Representative
Frank Pallone, D-N.J. After praising President Obama's action, Senator Booker
states, "We must now stand ready to fight
any efforts by the incoming administration
to undermine these historic protections."
Agreeing that "our work is not yet

done," Senator Menendez recalls he first
introduced legislation to ban all drilling
in the Atlantic in 2006. "I will never stop
fighting until we fully protect our shores,"
he vows.
To which Greenpeace spokeswoman
Mary Sweeters adds, "Permanently shielding these waters from the oil and gas industry is a major milestone . . . but the
job will not be done until no new leases
are granted anywhere in U.S. waters." r

U.S. Proved Reserves Decline In 2015
WASHINGTON-Proved reserves of
U.S. crude oil and lease condensate declined
4.7 billion barrels (11.8 percent) from their
year-end 2014 level to 35.2 billion barrels
at the end of 2015, according to U.S. Crude
Oil and Natural Gas Proved Reserves,
Year-End 2015, released in December by
the Energy Information Administration.
U.S. proved reserves of natural gas
decreased 64.5 trillion cubic feet, a 16.6
percent decline, the report adds, reducing
total U.S. gas reserves to 324.3 Tcf at
year-end 2015.
Because proved reserves are resources
considered recoverable under existing
economic and operating conditions, EIA

points out that the drop in both crude oil
and natural gas prices between 2014 and
2015 was an important factor in the drop
in proved reserves.
According to the report, the average
West Texas Intermediate crude oil spot
price declined almost 50 percent, from
$95 a barrel in 2014 to $50 a barrel in
2015. The average Henry Hub spot price
for natural gas dropped more than 40
percent, going from $4.55 an MMBtu in
2014 to $2.62 an MMBtu in 2015.
"Sustained low prices for oil and
natural gas continued through most of
2016, and downward reserves revisions
are likely in EIA's next report for year-

end 2016," the agency comments.
EIA reports Texas had the largest
proved reserves of any state, but also the
largest decline: a net decrease of 1.0
billion barrels of crude oil and lease condensate. "Although significant reserve
additions in the form of field extensions
were made in the Wolfcamp and Eagle
Ford shale plays, these additions were
countered by net downward revisions in
the Lone Star State," EIA remarks.
It adds that North Dakota had the second
largest proved reserves, but also the second
largest decline of 838 million barrels.
EIA says proved natural gas reserves,
which include natural gas plant liquids,

New Roadway Installation
Commercial & Residential

t
l
a
h
p
s
a
nc

a
en
t
n

i
ma

&

e

g

in

t
oa

lc

a
se

We have crews in your area!!
We
W
e specialize in oil and gas industr
industry
ry work!
Hot Mix Asphalt * Driveways * Parking Lots
Seal Coating & Repair * Private Roadways
Silage Pits * Ranch Roads * Chip Sealing

800-580-7374
www.ampaving.com
FREE ESTIMA
ATES
T
- BEST AVAILABLE
AILAB
RA
ATES - REFERENCES ON REQUEST
JANUARY 2017 127
American Oil and Gas Reporter - January 2017

Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2017
