US oil and gas drilling sees 62% increase over 2016 levels

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Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson, North Dakota June 26, 2015. REUTERS/Andrew Cullen

Growing well completion figures could lead to increase in U.S. oil production

API today announced that estimated total wells drilled and completed in the second quarter of 2017 increased 62 per cent compared to the second quarter of 2016, according to a press release.

This includes a 41 per cent increase in estimated development gas well completions and a dramatic 81 per cent increase in total estimated oil well completions from year-ago levels.

“Today’s report further solidifies the United States as a global energy superpower,” said Hazem Arafa, director of API’s statistics department.

Total estimated oil well completions also increased 19 per cent from the first quarter of 2017.

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“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 global energy balance is shifting as U.S. resources are increasingly meeting domestic and global demand,” said Arafa.

Growing well completion figures could lead to an increase in U.S. oil production, which rose 62 per cent from 2010 to 2016, and U.S. natural gas production which, also increased 26 per cent during the same time.

“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,” concluded Arafa.

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