API released its quarterly well completion report for the second quarter of 2018 showing a 265 percent increase in estimated exploratory gas well completions as compared to the second quarter of 2017.
“Today’s report shows the continued growth and strength of U.S. energy production,” said API Chief Economist Dean Foreman. “Right now, the U.S. production is supplying substantially all the growth in oil demand throughout the world. For this growth and dominance to continue, our energy infrastructure must keep pace with production especially in areas like the Permian Basin in Texas and the Bakken in North Dakota that have experienced major growth in natural gas and oil production. Promoting energy infrastructure is critical to ensuring that American consumers, workers and the environment can continue to benefit from increased U.S. energy production that has contributed to our economy and increased our national security.”
API’s latest Quarterly Well Completion Report highlights that in the second quarter of 2018:
- The U.S. natural gas and oil industry year to date experienced a 52 percent increase in drilled footage and a 50 percent increase in well completions, compared with Q2 2017.
- The Exploratory success rate in Q2 2018 was 64.3 percent.
- Total estimated gas well completions increased 76 percent as compared to Q2 2017.
API is the only national trade association representing all facets of the oil and natural gas industry.