November 14, 2024

Incorrys’ assessment of North American remaining oil and lease condensate resources in major producing basins broken between resources <USD $60 and >USD $60.

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• Total remaining resources for four major US Tight Oil basins (Permian, Williston, Niobrara, and Eagle Ford) is estimated at 117,300 MMBbl, 81% at full cycle costs of USD $60/Bbl and below.
• Permian has the largest resource at 66,100 MMBbl, 86% at full cycle costs of USD $60/Bbl and below. Williston resources are 13.700 MMBbl, 73% at full cycle costs of USD $60/Bbl and below. Eagle Ford resources are 20,200 MMBbl, 84% at full cycle costs of USD $60/Bbl and below.
• Total remaining oil and lease condensate resources (without Oil Sands) in Western Canada is 57,500 MMBbl, 34% at full cycle costs of USD $60/Bbl and below. Western Canada has a significantly smaller resource with costs below $60/Bbl, as wells in Western Canada, on average, are less productive.
• Total US oil reserves are 48,300 MMBbl as at year-end 2022*. “Reserves” are quantities of oil that are already discovered, recoverable, and commercial.

“Resources” are an estimate of the amount of oil and lease condensate with the potential of being produced.

See Also:

North American Oil Resource Life

References:

U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2022