The American Petroleum Institute (API) announced that estimated total wells drilled and completed in the first quarter of 2017 saw an increase of 35% compared to the first quarter of 2016. This is a drastic improvement from 2016 levels, which saw a 59% decrease in total wells drilled and completed from the previous year.
“Today’s report shows evidence that we could be turning a corner when it comes oil and natural gas drilling,” said Hazem Arafa, Director of API’s statistics department. “The increase in oil and natural gas drilling furthers the U.S. as the world leader in the production and refining of oil and natural gas and in the reduction of carbon emissions, which are near 25-year lows. Moving forward, it’s important to put in place forward-looking policies that embrace America’s leadership in energy, which has provided 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.