The API has announced that estimated total wells drilled and completed in the second quarter of 2017 increased 62% compared to the second quarter of 2016. This includes a 41% increase in estimated development gas well completions and a dramatic 81% increase in total estimated oil well completions from year-ago levels.
Total estimated oil well completions also increased 19% from the first quarter of 2017. Growing well completion figures could lead to an increase in US oil production, which rose 62% from 2010 to 2016, and U.S. natural gas production which, also increased 26% during the same time.
“Today’s report further solidifies the United States as a global energy superpower,” said Hazem Arafa, director of API’s statistics department. “With the trend of drilling activity increasing, the United States is poised to continue leading the world in the production and refining of oil and natural gas. The global energy balance is shifting as US resources are increasingly meeting domestic and global demand, and it is important for US policymakers to embrace America’s leadership in the safe and environmentally-responsible development of our resources, which help keeps energy affordable for consumers and strengthens our national security.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million US jobs and 8 percent of the U.S. 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.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13072017/api-us-oil-and-natural-gas-drilling-sees-62-increase-over-2016-levels/