Oil well completions up 19 percent in third quarter
According to a new report from the American Petroleum Institute (API), there was a 19 percent increase in total estimated oil well completions in the third quarter of 2018 compared to the same period last year.
API’s Quarterly Well Completion Report also found that there was a 15 percent increase in estimated exploratory well completions in the United States in the third quarter over the previous quarter. In the year-over-year comparison, estimated exploratory oil well completions were up 82 percent in the third quarter of 2018 compared to the third quarter of 2017.
“Today’s report reflects the record-setting growth and continued strength of U.S. energy production that we are seeing in our other third quarter reports,” API Chief Economist Dean Foreman said. “As oil produced in the U.S. continues to be the source and main means for meeting increasing global oil demand, we are focused on policies that will help U.S. energy infrastructure to keep pace with production. More than ever, as production is developed in new areas, particularly in the Permian Basin in Texas and the Bakken in North Dakota, any discussion about smart policies that benefit consumers, generate revenue for the government and increase our national security is closely related to energy infrastructure.”
Additionally, the amount of footage drilled increased 31 percent in the third quarter of 2018 Q3 compared the same period in 2017.
API is a national trade association representing the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy.
