Estimated total natural gas and oil well completions rose 23% in the fourth quarter of 2018, compared to 2017, according to API’s 2018 Quarterly Well Completion Report (Fourth Quarter).
“The data for the fourth quarter report confirm the rise in natural gas and oil well completions over 2017,” said API Chief Economist Dean Foreman. “The U.S. continues to gain ground as the world leader in the production and refining of natural gas and oil. The combination of record U.S. energy production and success in reducing U.S. CO2 emissions to their lowest level in a generation is a testament to the importance of U.S. energy leadership and the resulting innovation from the energy revolution. When the nation’s energy policies embrace technological innovation and open markets, implement effective trade policy, and expand U.S. energy infrastructure, we can meet these goals to deliver affordable and reliable energy to consumers, as well as protect our environment.”
API’s latest Quarterly Well Completion Report highlights that in the fourth quarter of 2018:
• Estimated total exploratory well completions for 2018 fourth quarter saw an increase of 23% from 2017 fourth quarter.
• Total year-to-date estimated oil well completions increased 26% from 2017 fourth quarter to 2018 fourth quarter (Note: Total year-to-date for 2018 fourth quarter = total estimated completions for calendar year 2018).
• Estimated development gas well completions increased 16% from 2018 third quarter to 2018 fourth quarter, with an increase of 13% in estimated development gas footage drilled.
API is the only national trade association representing all sectors of the natural gas and oil industry. For nearly a hundred years, API which started as a standards-setting organization has developed almost 700 standards to enhance the safety of our workers and protect the community and environment.