Ernst & Young study: US oil reserves holding flat

US proved oil reserves for 40 exploration and production companies increased 2% during 2003-07, reported Ernst & Young in a benchmark study released in Houston.

Estimated proved oil reserves held flat in 2007 at 16.1 billion bbl, however, said Ernst & Young, which complied and analyzed annual reports filed with the US Securities & Exchange Commission.

Benchmark companies hold 74% of estimated total proved US oil reserves and 68% of gas reserves according to US Energy Information Administration statistics.

OGJ