According to API, estimated total US oil and natural gas well completions fell by 51% in the fourth quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, Fourth Quarter.
“Our growth as a global energy superpower has been a game-changer for US energy security while making energy cheaper for American consumers,” said Hazem Arafa, director of API's statistics department. “We can’t expect that growth to continue if our own outdated energy polices stand in the way. Reducing unnecessary regulations and speeding up permitting on federal lands will help US producers to compete effectively in the global market under the low-price environment.”
Oil well completions
Estimated development oil well completions in 2015 fourth quarter fell 55% compared to 2014 fourth quarter estimates. Estimated development gas completions decreased 37% over the same period.
For 2015, total well completions decreased 35% overall compared to 2014 levels. Oil completions were down 37% and natural gas completions were down 2% ). Total footage drilled was down 27% overall.
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% of the US economy. API’s more than 650 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 30 million Americans.Adapted from an API press release by Louise Mulhall
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