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Oil well drilling grows in third quarter 2013, API reports

By Bob Downing Published: October 14, 2013

From the American Petroleum Institute on Friday:

WASHINGTON, October 11, 2013 – Oil well drilling trends continue to rise in the third quarter of 2013 with total oil well completions up 18 percent from 2012 third quarter figures, according to API's 2013 Quarterly Well Completion Report: Third Quarter.

“The oil and natural gas industry expanded oil drilling in the third quarter of 2013 thanks in large part to access on private and state lands,” said Hazem Arafa, director of API's statistics department. “Additional access to our own vast energy resources and streamlined federal permitting would allow for more opportunities to produce U.S. energy while creating more American jobs and generating more revenue for our government."

Natural gas well completions in the third quarter of 2013 continued to decline with 30 percent fewer wells from year-ago levels, according to the report. Total number of oil and natural gas wells completed in the third quarter of 2013 increased by 6 percent from year-ago levels, while total footage drilled increased 9 percent.

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

 

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The 2013 API Quarterly Well Completion Report is available for an annual subscription through API's primary distributor, Information Handling Services (IHS). If you would like to purchase an annual subscription to this report, please contact IHS at 1-800-854-7179, or visit their website at www.global.ihs.com.

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