The American Petroleum Institute (API) announced that estimated total wells drilled and completed in the fourth quarter of 2016 decreased 8.8% compared to the third quarter of 2016. This decrease is a drastic improvement from the same time period in 2015, which saw a 21% decrease in total wells drilled and completed.
“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 and refining 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 policies in place that embrace America’s leadership in energy that are providing benefits for American consumers, American workers and the environment.”
API is the only national trade association representing all facets of the oil and natural gas industry.