API: oil exploration drilling increased 75 percent in Q4

Source:API

Estimated U.S. exploratory oil well completions increased by 75 percent in the fourth quarter of 2014 compared to year-ago levels.

Estimated U.S. exploratory oil well completions increased by 75 percent in the fourth quarter of 2014 compared to year-ago levels, according to API's 2014 Quarterly Well Completion Report, Fourth Quarter.

“America’s oil and natural gas industry increased exploratory drilling in the fourth quarter 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."

Compared to the exploratory numbers, there was more modest growth of total development well completions in Q4 compared to 2013 Q4, rising 4 percent, according to the report. Total estimated well completions for 2014 were 44,849, which is no significant change from 2013 levels. There was a 5 percent increase in total feet drilled compared to 2013.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.

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