Exploratory oil well completions up in first quarter according to API

Source: API 

Exploratory well completions increased 12 percent from year ago levels, according to API's 2012 Quarterly Well Completion Report: First Quarter. Overall well completions – including exploration and development completions – declined by nine percent with 8,963 total wells being completed in the first quarter of 2012.

"The oil and natural gas industry expanded exploratory drilling in the first quarter of 2012, showing its commitment to finding new sources of domestic energy that Americans demand," 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 our own energy while creating more American jobs and generating more revenue for our government."

The report showed that both oil and natural gas well completions declined from year ago levels, with 5,352 oil well completions (one percent decline) and 2,495 natural gas well completions (28 percent decline). Dry hole completions increased by 11 percent, with 1,116 completions. Estimated total drilling footage was 66,254,000 feet, a nine percent decline.

API represents more than 500 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86 million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

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