The US’ second largest oil company Chevron confirmed last week that its oil & gas reserves fell slightly last year, according to Reuters.
Chevron confirmed that it had proven reserves of 11.2 billion barrels of oil equivalent on December 31, roughly 1.3% less than the end of 2012.
Declining reserves has become a widespread concern for international oil companies, many of which have massive capital budgets to find and extract oil and natural gas.
Proven, developed reserves, a measurement of reserves that can be recovered with existing wells, fell in the US, Africa, Asia and Europe, and rose in Australia and in the western hemisphere outside the US, the company said in a regulatory filing.
Chevron said last month it would keep its massive capital budget, worth about $40 billion, on track for the next few years, a contrast to peers who are cutting spending.
