API: Oil Well Completions Up From Year Ago Levels
Overall well completions—including oil and gas wells—maintained high levels from a year ago with 12,291 wells completed in the third quarter, according to API's 2012 Quarterly Well Completion Report: Third Quarter. Oil well completions increased by 18 percent with 8,580 total wells being completed in the third quarter of 2012.
“The oil and natural gas industry expanded oil drilling in the third quarter of 2012 thanks in large part to access on private and state lands,” said Hazem Arafa, director of API's statistics department. “Additional access to our own vast energy resources and streamlined federal permitting would allow for more opportunities to produce U.S. energy while creating more American jobs and generating more revenue for our government."
The report showed that 2,209 natural gas wells were completed in the third quarter, a 35 percent decline from year ago levels. Total exploratory well completions remained the same (700 wells). Total footage drilled was 91,985,000 feet, a 3 percent increase.
API represents more than 500 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86 million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
SOURCE: American Petroleum Institute