November 14, 2024
This chart shows Incorrys’ assessment of North American remaining oil and lease condensate resources in major producing basins broken between resources <USD $60 and >USD $60.
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.
Source: U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2022