Additional reserves must be discovered in order to continue to meet the unprecedented peacetime demand for California oil. Estimated conventional oil reserves. The seven major oil companies hold less than 10 percent of the total recoverable reserve base. Since 1986, California’s proved crude oil reserves have declined 59% as state regulators and elected officials have discouraged the industry. The Kern River Oil Field is a large oil field in Kern County in the San Joaquin Valley of California, north-northeast of Bakersfield in the lower Sierra foothills. All that changed in 1998 when Naval Petroleum Reserve No. California: oil production & reserves On the map of US oil and gas wells California represents a remote and small oil producing area, compared to Texas, but California was in 1910 the first oil producer state. The New American » Sectors » Government Cuts California Oil Reserve Estimates 96 Percent. Six companies are operating offshore oil and gas facilities in the Pacific Region. In the Pacific OCS Region, 23 oil and gas production facilities have been installed in federal waters. Find statistics on crude oil, gasoline, diesel, propane, jet fuel, ethanol, and other liquid fuels. Through the end of 2009, 2,500 million barrels (400,000,000 m 3) of oil had been extracted from the field, leaving an estimated 576 million barrels (91,600,000 m 3) of recoverable oil remaining. Native Americans were using la Brea tar pits … Most of these fields are north of Point Conception and are heavy oil. 1, known as Elk Hills, was privatized, the first of a series of major organizational changes that leave only one of the original six Federal properties in the program. Taft is situated in a major petroleum and natural gas production region in California, and is one of the few remaining towns in the United States which exist exclusively because of nearby oil reserves. It will require intensified geological effort to find these new reserves. Click on the blue bars below for information on petroleum prices, crude reserves and production, refining and processing, imports/exports, movements, stocks, and consumption/sales. California has been an oil state since 1865. The total potential petroleum resource in offshore central California may be 4 to 6 billion bbls oil and 5 to 7 trillion cubic feet of gas, per 1996 estimates by USGS and MMS. The remaining oil amounted to 17% of California's total estimated reserve of 3.0 billion barrels (480,000,000 m 3). For much of the 20th century, the Naval Petroleum and Oil Shale Reserves served as a contingency source of fuel for the Nation's military. by Bob Adelmann May 23, 2014. More new pools in present producing areas probably will add larger amounts to reserves than will new fields (Tidelands excepted). Thanks largely to reserves that can still be tapped by conventional means, it remains the third-largest producer in the country. Government Cuts California Oil Reserve Estimates 96 Percent. Unconventional oil recovery accounts for 30 percent of the global recoverable oil reserves, while offshore fields account for 33 percent of the total. All of these facilities are off the coast of California. More than half the United States’ oil reserves are located in its 100 largest fields. Some of these oil reserves could be produced by directional drilling from Twenty-two of these facilities produce oil and gas, while the other is a processing facility.