API announced that estimated wells completed in the third quarter of 2017 increased 63 percent compared to the third quarter of 2016. This includes a dramatic 84 percent increase for all oil wells completed from year-ago levels.
“Today’s report shows evidence that domestic oil and natural gas development remains strong,” said Hazem Arafa, director of API’s statistics department. “Our nation leads the world in the production and refining of oil and natural gas and due to the increased use of natural gas carbon emissions are near 25-year lows. Moving forward, it’s important to put in place policies that embrace America’s leadership in energy, which benefits consumers, generates revenue for the government and strengthens our national security.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 625 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 40 million Americans.
For more information and to subscribe to the complete 2017 API Quarterly Well Completion Report, Third Quarter, please contact API’s primary distributor, IHS, at 1-800-854-7179, or visit their website at www.global.ihs.com.