According to the latest EIA (Energy Information Administration) data, proved oil reserves in the US decreased 19% in 2020, from 44.2 billion barrels to 35.8 billion barrels.
According to the EIA, only 3 billion barrels of known crude oil reserves will be discovered in the US in 2020, with 1.2 billion barrels gained via modifications, sales, and acquisitions. Net revisions resulted in the loss of 8.8 billion barrels of Proven reserves, while crude oil production consumed 3.8 billion barrels. According to the EIA, the net change is 8.4 billion barrels, a 19 percent decrease.
As per the previous EIA data, this 8.4 BL barrel loss is the major in confirmed reserves since at least 2010. In fact, only one other year in the recent decade has seen a decline in Proven reserves in the United States: 2015.The lesser gain from expansions and discoveries was one of the key causes for the decline in Proven reserves in 2020. Only 3.002 billion barrels of crude oil were discovered in 2020, which is less than half of what was found in 2018 and 2019.
As per the EIA, the COVID-19 epidemic was the primary driver of confirmed oil reservoir depletion. Demand for transportation fuel declined considerably as a result of lockdowns, stay-at-home orders, and travel limitations. “Operators reduced their Proven reserves lower in 2020 and postponed developmental drilling,” according to the EIA.Texas suffered the largest net loss in overall proved reserves, followed by North Dakota, which has the greatest proved crude oil and lease condensate reserves.