The US oil reserves of big companies have grown 13 percent since 2017: Reports

Ernst & Young reported on Wednesday that U.S. oil reserves held by 50 large companies have increased by 13 percent in the last five years. Most of the growth is attributed to mergers and acquisitions.

The COVID-19 pandemic forced energy companies to curtail activity in 2020, causing oil reserves to plummet. At the end of last year, oil reserves increased to 31.8 billion barrels.

Oil and gas reserves increased last year primarily due to independent oil and gas companies acquiring private energy companies. It is estimated that the studied group of companies spent $94 billion acquiring proved and unproven properties combined.

17 August 2022