API: Natural gas well completions dip 70 percent in first quarter

The American Petroleum Institute (API) recently released its 2016 Quarterly Well Completion Report for the first quarter, which shows a 70 percent decrease in estimated natural gas well completions compared with the first quarter of 2015.

The report also shows that exploratory oil completions suffered a major hit over the past year, dropping 90 percent. Total feet drilled exhibited a 73 percent drop, with exploratory wells dropping the most.

“America’s shale energy revolution has helped the U.S. lower our greenhouse gas emissions while making energy cheaper 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 oil and natural gas industry contributes 9.8 million jobs to the U.S. market and represents 8 percent of the U.S. economy.