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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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