API: Second-quarter U.S. oil, gas well completions plummet

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The American Petroleum Institute recently released its 2016 Quarterly Well Completion Report for the second quarter, which found that oil-well completions in the U.S. have decreased by 69 percent in the second quarter of 2016, compared with the second quarter of 2015.

“America’s shale-energy revolution has helped the U.S. lower our greenhouse gas emissions while lowering the cost of energy for American consumers,” API Statistics Department Director Hazem Arafa said. “To continue this progress, we must revisit current energy policy, speed up the LNG export-approval process and avoid unnecessary regulations to help U.S. producers to compete effectively in the global market under the low-price environment.”

The 2016 second-quarter figures for exploratory natural gas-well completions showed an even more significant decrease, dropping by 84 percent when compared with the same quarter last year. Data on development-well footage showed a similar trend, falling by 53 percent, as did exploratory-well footage, which dropped by 64 percent.

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