API: Oil well completions up in second quarter, gas wells down from year ago levels
WASHINGTON, July 17, 2012 – Overall well completions—including oil and gas wells—maintained its high levels from a year ago of about 11,000 wells in the second quarter, according to API's 2012 Quarterly Well Completion Report: Second Quarter. Oil well completions increased by 13 percent with 7,195 total wells being completed in the second quarter of 2012.
“The oil and natural gas industry expanded oil drilling in the second 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 2,472 natural gas wells were completed in the second quarter, a 24 percent decline from year ago levels. Exploratory well completions were up 26 percent (800 wells). Total footage drilled was 83,270,000 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.
The 2012 API Quarterly Well Completion Report 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, please contact IHS at 1-800-854-7179, or visit their website at www.global.ihs.com.
Posted: July 18, 2012