The Energy Information Administration (EIA) announced on Monday that publicly traded oil and gas companies saw a boost in proved reserves, with an additional 2 billion barrels recorded last year despite escalating exploration and development costs. The EIA’s analysis revealed a 1% increase in proved reserves for 175 publicly traded firms in 2023. However, the agency cautioned that its data, which excludes privately held producers, reflects filings from companies representing about 50% of non-OPEC oil output.
The increase in reserves is attributed to advances in recovery techniques, project expansions, new discoveries, and upward revisions of earlier production capacity estimates. Despite this, exploration and development costs have surged, with U.S. companies facing a 20% increase and Canadian firms experiencing a 10% rise in expenses.
Additionally, the EIA’s short-term energy outlook (STEO) projects a 1.1-million-barrel-per-day (bpd) increase in global liquid fuel consumption for 2024, reaching 102.94 million bpd this year and 104.55 million bpd in 2025. The U.S. is expected to contribute 20.45 million bpd of this total, with China at 16.34 million bpd. In contrast, OPEC has revised its global oil demand growth forecast for 2024 down to 1.78 million bpd from 1.85 million bpd, and lowered its 2025 projection to 2.11 million bpd from 2.25 million bpd.
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