API announced that estimated oil wells drilled and completed in the third quarter of 2016 remained relatively unchanged from the previous quarter at 2,285. That is a decline of 3.7%, which follows an average of 17.3% in quarterly declines for the past year and a half.
“Today’s report shows evidence that the consistent decline in oil and natural gas drilling could be coming to an end,” said Hazem Arafa, director of API’s statistics department. “Even with the decline, our nation has established itself as the world leader in the production of oil and natural gas and in the reduction of carbon emissions which are near 20-year lows. Moving forward, it’s important to put in place policies that embrace America’s leadership in energy. It’s helping American consumers, generating revenue for the government, strengthening our national security, and improving the environment.”
API is the only national trade association representing all facets of the oil and natural gas industry.