API: Oil and natural gas exploratory drilling down in first quarter 2016
WASHINGTON, April 5, 2016 –Estimated natural gas well completions decreased 70 percent in the first quarter of 2016 compared to year-ago levels, according to API's 2016 Quarterly Well Completion Report, First Quarter.
“America’s shale energy revolution has helped the U.S. lower our greenhouse gas emissions while making energy cheaper for American consumers,” said Hazem Arafa, director of API's statistics department. “To continue this progress, we must revisit current energy policy, speed up the LNG export approval process and avoid unnecessary regulations to help U.S. producers to compete effectively in the global market under the low-price environment.”
Exploratory oil completions fell 90 percent compared to 2015 first quarter estimates. Total feet drilled decreased 73 percent, with the largest decrease seen in the footage of exploratory wells.
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 650 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 30 million Americans.
The 2015 API Quarterly Well Completion Report, Fourth Quarter is available for an annual subscription through API's primary distributor, 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.