Development and Acquisition of Natural Gas and Oil Reserves

Unconventional Geology

The United States has abundant natural gas resources. The presitgious Potential Gas Committee at the Colorado School of Mines estimates that the U.S. has more than 2,543 trillion cubic feet (tcf) of technically recoverable natural gas, including 305 tcf of proved reserves (the discovered, economically recoverable fraction of the original gas-in-place). This is the highest resource evaluation in the Committee’s 48-year history, exceeding the previous high assessment by 486 Tcf. Most of the increase arose from new evaluations of unconventional shale gas resources. Thanks largely to the Eagle Ford region, shale natural gas production in Texas almost tripled between 2007 and 2012, and Texas today produces about 30% of the nation’s natural gas.  That level of production would make Texas the 3rd largest natural gas producing nation on earth, behind only Russia and the other 49 US states.