US crude, natural gas proved reserves hit record high in 2017: EIA

US proved crude oil and natural gas reserves saw record highs in 2017, almost doubling in size over the last ten years, the US Energy Information Administration (EIA) reported on Thursday.

US crude proved reserves reached 39.2 billion barrels in 2017, up 6.4 billion barrels from 2016, a 20 percent increase year-on-year (YoY).

Crude oil plus lease condensate reserves rose to 42 billion barrels in 2017, up 6.8 billion barrels, or more than 19 percent, from 2016, EIA said.

"Stronger oil and natural gas prices combined with continuing development of shales and low permeability formations drove these new all-time record levels of proved reserves," the report said.

The largest statewide increase came from Texas, where producers added 3.3 billion barrels of crude oil and lease condensate on development of the Permian Basin's Spraberry Trend and Wolfcamp/Bone Spring shale play, the EIA said.

Regarding natural gas, the largest statewide increase came from Pennsylvania where producers added 28.1 Tcf of proved reserves, according to the report.