First Quarter Oil And Natural Gas Well Completions Hold Steady
Estimated U.S. oil well completions remained relatively flat in the first quarter of 2014 compared to year-ago levels, according to API's 2014 Quarterly Well Completion Report, First Quarter.
“America’s oil and natural gas industry continued record production in the first quarter 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."
Estimated oil well completions declined slightly by 2 percent in the first quarter compared to year-ago levels, and estimated natural gas completions declined by 1 percent. The estimated total number of wells drilled decreased by 1 percent and total footage drilled decreased by 2 percent.
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 percent of the U.S. economy. API’s more than 600 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 20 million Americans.
The 2014 API Quarterly Well Completion Report, First Quarter is available for an annual subscription through API's primary distributor, Information Handling Services (IHS). If you would like to purchase an annual subscription to this report, visit their website at www.global.ihs.com.
SOURCE: American Petroleum Institute (API)