API has released its quarterly well completion report for the second quarter of 2018 showing a 265% increase in estimated exploratory gas well completions as compared to the second quarter of 2017.
“Today’s report shows the continued growth and strength of US energy production,” said API Chief Economist Dean Foreman. “Right now, the US production is supplying substantially all the growth in oil demand throughout the world. For this growth and dominance to continue, our energy infrastructure must keep pace with production especially in areas like the Permian Basin in Texas and the Bakken in North Dakota that have experienced major growth in natural gas and oil production. Promoting energy infrastructure is critical to ensuring that American consumers, workers and the environment can continue to benefit from increased US energy production that has contributed to our economy and increased our national security.”
API’s latest Quarterly Well Completion Report highlights that in the second quarter of 2018:
- The US natural gas and oil industry year to date experienced a 52% increase in drilled footage and a 50% increase in well completions, compared with Q2 2017.
- The Exploratory success rate in Q2 2018 was 64.3%.
- Total estimated gas well completions increased 76% as compared to Q2 2017.
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 nearly 620 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 45 million Americans.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16072018/us-energy-dominance-continues-with-surge-in-drilled-natural-gas-wells/