U.S. oil and natural gas wells drilled and completed during 2017’s second quarter increased substantially relative to the same time period last year, the American Petroleum Institute (API) said recently.
Estimated total wells drilled and completed in 2017’s second quarter increased 62 percent over that of 2016, API said in a release. The numbers include a 41 percent rise in estimated development gas well projects as well as an 81 percent increase in total estimated oil well completions. Additionally, oil well activity rose 19 percent over this year’s first quarter.
The trend could spark an increase in both oil and natural gas production nationwide, the release said. Oil production alone also rose 62 percent over a six-year time period (2010-2016), while gas increased 26 percent during the same span.
“Today’s report further solidifies the United States as a global energy superpower,” Hazem Arafa, who serves as director of API’s statistics department, daid in the release. “With the trend of drilling activity increasing, the United States is poised to continue leading the world in the production and refining of oil and natural gas.”
The API described worldwide energy resources as changing based on supply and demand, both domestically and globally.
“(It’s) important for U.S. policymakers to embrace America’s leadership in the safe and environmentally-responsible development of our resources, which help keeps energy affordable for consumers and strengthens our national security,” Arafa said in the release.
Alerts Sign-up