Oil and gas completions drop dramatically in 2015 – API

API argues lifting export crude oil ban is part of solution to declining industry activity

Estimated total US oil and natural gas well completions decreased by 44 per cent in the third quarter of 2015 compared to year-ago levels, according to the American Petroleum Institute.

Photo by Shaun T. Polczer.

API recently released its 2015 Quarterly Well Completion Report, Third Quarter.

“Our growth as a global energy superpower has been a game-changer for U.S. energy security, creating hundreds of thousands of American jobs and sending more revenues to our government,” said Hazem Arafa, director of API’s statistics department.

“We can’t expect that growth to continue if our own outdated energy polices stand in the way. Reducing unnecessary regulations and allowing free trade for oil and natural gas will enable U.S. producers to compete effectively in the global market under a low-price environment.”

Estimated development oil well completions in 2015 third quarter decreased 45 per cent compared to year-ago levels.

Estimated development gas completions decreased 39 per cent.

Exploratory well completions for oil and natural gas were also down, and total well completions were down 44 per cent.

API is a national trade association representing the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.