Annual financial reports by 119 publicly traded exploration and production companies show aggregate proved reserves of crude oil and natural gas increased by 19.2 billion barrels of oil equivalent (BOE) in 2021. A number of factors affect proved reserve levels, some of which depend on the price of crude oil or natural gas. Other factors are based on company actions, such as sales, acquisitions, and spending on exploration and development.
13 June 2022
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