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API: Oil well completions increase from year ago levels

WASHINGTON, October 19, 2011 - Oil well drilling activity continued to increase in the third quarter of 2011, according to API's 2011 Quarterly Well Completion Report: Third Quarter. The report estimates that 6,379 oil wells were completed in third quarter 2011, a 16 percent increase from year-ago levels.

"The trend we've seen for increased domestic drilling this year continued into the third quarter," said Hazem Arafa, director of API's statistics department.  "The report helps explain why the oil and natural gas industry is adding to its workforce even while job creation has stalled elsewhere in the economy."

The report estimates that 10,574 wells were completed in the third quarter of 2011, including 3,188 natural gas wells and 1,007 dry holes.  Estimated drilling footage was 77,123,000 feet, a 6 percent increase from third quarter 2010.  An estimated 31,620 wells have been completed to date in 2011.

"Today's report is further proof that the oil and natural gas industry remains a strong job creator and economic engine even while our economy struggles," said Kyle Isakower, API vice president of regulatory and economic policy.  "And we can do more. With policies that allow greater access to the vast energy resources right here at home, we can provide more of the energy our country needs while hiring more American workers and generating more revenue for our government."

API represents more than 480 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 2011 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.


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Updated: October 19, 2011

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