The American Petroleum Institute (API) 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 U.S. 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 U.S. resources are increasingly meeting domestic and global demand, and it’s important for U.S. policymakers to embrace America’s leadership in the safe and environmentally responsible development of our resources, which helps keep energy affordable for consumers and strengthens our national security.”
For more information and to subscribe to the complete 2017 API Quarterly Well Completion Report, Second Quarter, please contact API’s primary distributor, IHS, at 1-800-854-7179, or visit their website at www.Global.IHS.com.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8% of the U.S. economy.