2015 total well completions decreased 35% compared to 2014
Estimated total U.S. oil and natural gas well completions fell by 51 per cent in the fourth quarter of 2015 compared to year-ago levels, according to API’s 2015 Quarterly Well Completion Report, Fourth Quarter.
For 2015, total well completions decreased 35 per cent overall compared to 2014 levels.
Oil completions were down 37 per cent and natural gas completions were down 28 per cent.
Total footage drilled was down 27 per cent overall.
“Our growth as a global energy superpower has been a game-changer for U.S. energy security while making energy cheaper for American consumers,” said Hazem Arafa, director of API’s statistics department.
Estimated development oil well completions in 2015 fourth quarter fell 55 per cent compared to 2014 fourth quarter estimates. Estimated development gas completions decreased 37 per cent over the same period.
“We can’t expect that growth to continue if our own outdated energy polices stand in the way. Reducing unnecessary regulations and speeding up permitting on federal lands will help US producers to compete effectively in the global market under the low-price environment,” said Arafa.