US boost oil and gas reserves
(MENAFN) A government report released recently said that oil reserves in the US grew considerably in 2011, Saudi Gazette reported.
Oil reserves in the country reached its highest since 1985 with 29 billion barrels. In 2011, 3.8 billion barrels were added with an increase of 15 percent, said the Energy Information Administration (EIA).
EIA Administrator, Adam Sieminski, said: "Horizontal drilling and hydraulic fracturing in shale and other tight rock formations continued to increase oil and natural gas reserves."
The EIA said that gas reserves also increased in 2011. Gas reserves went up 9.8 percent adding 31.2 billion cubic feet of gas to the reserves. This is considered the second highest increase in US history.
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