Oil, natural gas exploratory drilling down in Q1 2016 – API
Regulatory changes are needed to help American oil and gas producers during period of low prices
Estimated natural gas well completions decreased 70 per cent in the first quarter of 2016 compared to year-ago levels, according to API’s 2016 Quarterly Well Completion Report, First Quarter.
“America’s shale energy revolution has helped the U.S. lower our greenhouse gas emissions while making energy cheaper for American consumers,” said Hazem Arafa, director of API’s statistics department.
Exploratory oil completions fell 90 per cent compared to 2015 first quarter estimates.
Total feet drilled decreased 73 per cent, with the largest decrease seen in the footage of exploratory wells.
“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,” said Arafa.