API Q1 report finds 70 percent decrease in gas well completion
The American Petroleum Institute (API) released its 2016 Quarterly Well Completion Report, First Quarter recently, finding that natural gas well completion decreased by 70 percent compared to Q1 levels last year during the same time.
“America’s shale energy revolution has helped the U.S. lower our greenhouse gas emissions while making energy cheaper for American consumers,” Hazem Arafa, director of API’s statistics department, said. “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.”
The study found that exploratory oil completions fell by 90 percent compared to Q1 estimates for last year during the same time. Drilling was also more shallow, with total feet drilled decreasing by approximately 73 percent. This is the largest decrease seen in drilling footage of exploratory wells on record.
The 2016 API Quarterly Well Completion Report, First Quarter, is available to annual subscribers through IHS, API’s chief distributor. Interested parties may contact IHS directly to obtain a copy of the report through subscription.
API has more than 650 members and is the only national trade association to comprehensively represent oil and natural gas industries.
