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    Home > Chemicals Industry > Petrochemical News > Higher oil prices have led to an increase in estimates of economically recoverable oil resources in the Eagle Beach formation

    Higher oil prices have led to an increase in estimates of economically recoverable oil resources in the Eagle Beach formation

    • Last Update: 2023-02-05
    • Source: Internet
    • Author: User
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    According to EIA analysis, estimated economically recoverable oil resources in the Eagle Beach Formation increased more than 15-fold, from 500 million barrels to 8.
    4 billion barrels, as average oil prices more than doubled between 2020 and the first half of 2022
    , EIA news on August 3.
    Oil and gas prices can be highly volatile and have a significant impact on estimates of economically recoverable resources, with economically recoverable energy accounting for a smaller
    proportion of recoverable oil and natural gas resources compared to proven reserves.
    Based on the 2020 WTI average price of about $40 per barrel and the Henry Hub natural gas price of about $2 per million British thermal (MMBtu), EIA estimates that the economically recoverable resources of the Eagle Beach formation are only 500 million barrels of oil
    , based on data from Enverus and Rystad Energy.
    Conversely, based on WTI prices of approximately $100/b (approximately the average WTI price in the first half of 2022) and Henry Centre price of $6/MMBtu (approximately the average Henry Centre price in the first half of 2012), EIA's estimate of economically recoverable resources increases to 8.
    4 billion barrels of oil
    .

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