Estimated U.S. oil well completions increased by 5 percent in the second quarter of 2014 compared to year-ago levels, according to API's 2014 Quarterly Well Completion Report, Second Quarter.
“America’s oil and natural gas industry increased oil drilling in the second 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 total well drilling increased in the total year-to-date figures for 2014. Estimated natural gas well completions decreased over the same time period, but exploratory gas wells increased by 22 percent in 2014.
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, Second Quarter is available for an annual subscription through API's primary distributor, Information Handling Services (IHS). For more information, visit http://global.ihs.com.
SOURCE: American Petroleum Institute