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Show U.S. adds to oil, gas reserves The American Petroleum Institute In-stitute and the American Gas Association recently announced that additions to proved domestic reserves of crude oil and natural gas in 1979 were the highest in at least 10 years. The API said proved crude oil reserve additions exceeded 2.2 billion barrels. However, nearly ? billion barrels were withdrawn from reserves by production, bringing year end proved reserves re-serves to 27.1 billion barrels. That figure is SOO million barrels below the total at the end of 197S. The API said the additions last vear were the greatest since 1970. In recent years, the replacement rate has amounted to only about one-hall of the total crude oil produced. The AGA reported that additions addi-tions lo proved natural gas reserves re-serves in 1979 in the "lower 4S" states were the highest since ( 1967. Additions to proved gas reserves in the contiguous states were 13.7 trillion cubic feet (Tcf): including Alaska, total additions were 14.3 Tcf. Total proved gas reserves at year end were 194.9 Tcf. a 5.4 Tcf reduction reduc-tion compared to year end 1978. AGA president George H. Lawrence commented, "last year's reserve additions constituted consti-tuted close to three-quarters of last year's 19.9 Tcf gas production, produc-tion, signaling a clear slowdown in the rate of decline of U.S. natural nat-ural gas reserves. The increase in gas production (3 per cent over 197S) also is highly important impor-tant to the nation, because it reverses a downward trend since 1972." API President Charles J. Di-Bona Di-Bona said of the oil reserves estimate, es-timate, "this highlights a position we have advocated for some time that given the opportunity the oil industry can and will produce positive results. This report indicates in-dicates that we are Joing all we can in the older fields," ' |