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API: 63% y/y increase in completed wells

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Oilfield Technology,

The API has announced that estimated wells completed in 3Q17 increased 63% compared to 3Q16. This includes a dramatic 84% increase for all oil wells completed from year-ago levels.

“Today’s report shows evidence that domestic oil and natural gas development remains strong,” said Hazem Arafa, Director of API’s Statistics Department. “Our nation leads the world in the production and refining of oil and natural gas and due to the increased use of natural gas carbon emissions are near 25-year lows. Moving forward, it’s important to put in place policies that embrace America’s leadership in energy, which benefits consumers, generates revenue for the government and strengthens our national security.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million US jobs and nearly 8% of the US economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 40 million Americans.

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Upstream news Exploration news Oil & gas news