San Joaquin Basin Oil Reserves 2024, California
Estimated proven crude oil reserves as of 12/31/2024
State-wide:
As of December 31, 2023, California’s total proven crude oil reserves were estimated at approximately 1.39 billion barrels. This estimate is derived from the U.S. Energy Information Administration (EIA), which reported 46.4 billion barrels of proven reserves nationally at the end of 2023. The EIA states that California’s share of U.S. reserves is approximately 3%, or 1.39 billion barrels, including both onshore and offshore reserves. Subtracting California's 2024 crude oil production of 104 million barrels (onshore and offshore) yields an estimated 1.286 billion barrels of proven reserves remaining as of January 1, 2025.
San Joaquin Basin (SJB):
The SJB accounts for the majority of California’s remaining reserves, with major fields such as Midway-Sunset, South Belridge, Elk Hills, and Coalinga contributing significantly. As of December 31, 2023, the EIA estimated the SJB’s proven reserves at approximately 928 million barrels. Historically, the basin has accounted for about 77% of California’s total crude oil production, when offshore volumes are included. Based on this share, the SJB’s estimated 2024 production was approximately 80.1 million barrels (104 million barrels statewide × 0.77). This implies an estimated 848 million barrels of proven reserves remaining in the San Joaquin Basin as of December 31, 2024.
