API: Oil and gas drilling sees 35 percent increase over 2016 levels
WASHINGTON, April 7, 2017 – API announced today that estimated total wells drilled and completed in the first quarter of 2017 saw an increase of 35 percent compared to the first quarter of 2016. This is a drastic improvement from 2016 levels which saw a 59 percent decrease in total wells drilled and completed from the previous year.
“Today’s report shows evidence that we could be turning a corner when it comes oil and natural gas drilling,” said Hazem Arafa, director of API’s statistics department. “The increase in oil and natural gas drilling furthers the U.S. as the world leader in the production and refining of oil and natural gas and in the reduction of carbon emissions which are near 25-year lows. Moving forward, it’s important to put in place forward-looking policies that embrace America’s leadership in energy that has provided benefits for American consumers, American workers and the environment.”
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 625 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 40 million Americans.
For more information and to subscribe to the complete 2016 API Quarterly Well Completion Report, Fourth Quarter, please contact API's primary distributor, IHS, at 1-800-854-7179, or visit their website at www.global.ihs.com.