AMERICAN OIL RESERVES

Press, Volume LXXXVII, Issue 26365, 8 March 1951, Page 7

AMERICAN OIL RESERVES

Record Figures In 1950

(Rec. 9 p.m.) NEW YORK, Mar. 8. Petroleum industry statistics of special significance to a security conscious country were reported to-day by the American Petroleum Institute and the American Gas Association. They jointly announced that the United States’ known and proved reserves of crude oil, natural gas liquids and natural gas climbed to record levels in

1950. The report described the reserves achieved as a record in spite of a near record production of crude oil and a record output in the other two sections. The significance of new additions to proved reserves wag that they Increased the country’s internal strength. The report stated that new supplies of crude oil and natural liquids developed in 1950 totalled 33,000,000,000 barrels, representing a surplus over the year’s production of 1,100,000,000 barrels. Proved reserves at the end of 1950 were estimated at 29,500,000,000 barrels which was a record. Proved reserves of natural gas at the end of 1950 were estimated at 185.000,000,000,000 cubic feet, representing a net increase of 5,200,000,000,000 cubic febt. Production of natural gas reached a record of 6,800,000,000,000 cubic feet in 1950.

The report defined proved and measured reserves. They exclude any estimate of oil and gas which might underlie a vast untested acreage apparently favourable to their accumulation.