EIA: Oil Companies’ Proved Oil and Liquid Reserves Drop in 2016

The US Energy Information Administration on June 12 looked at the decline in proved oil and liquid reserves of publicly traded oil companies.

"Annual reports of 68 publicly traded oil companies indicated that their aggregate proved liquids reserves declined in 2016 for the second consecutive year,” the EIA said in a press release.

"The decline in proved reserves was heavily concentrated in a few companies that reduced their estimated reserves from Canadian oil sands projects. Downward revisions of existing resources, relatively low extensions and discoveries, and relatively high production also contributed to a decline in proved reserves,” the EIA said, adding that the 68 oil companies included in this analysis are listed on US stock exchanges and consequently are required to report their proved reserves annually to the US Securities and Exchange Commission.

Collectively, their global crude oil and other liquids production averaged 24 million barrels per day during 2016, or about 25% of the global total, the EIA said.