API report examines energy’s global balance

The American Petroleum Institute’s (API) fourth-quarter 2018 Quarterly Well Completion Report recently reported that America is continuing to gain ground as the world leader in natural gas and oil production.

“The data for the fourth quarter report confirm the rise in natural gas and oil well completions over 2017,” Dean Foreman, API chief economist, said. “The combination of record U.S. energy production and success in reducing CO2 emissions to their lowest level in a generation is a testament to the importance of energy leadership and the resulting innovation from the energy revolution.”

Foreman said when the nation’s energy policies embrace technological innovation and open markets, implement effective trade policy and expand energy infrastructure, the nation can meet the goals to deliver affordable and reliable energy to consumers and protect the environment.

Report highlights include information determining estimated total exploratory well completions for 2018 Q4 saw an increase of 23 percent from 2017 Q4; total year-to-date estimated oil well completions increased 26 percent from 2017 Q4 to 2018 Q4; and estimated development gas well completions increased 16 percent from 2018 Q3 to 2018 Q4, with an increase of 13 percent in estimated development gas footage drilled.

The report also highlights 13 men and women who live and work in communities across the nation whose careers in the oil and gas industry demonstrate the span of innovative technologies at work in natural gas and oil today.