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2015-10-27 19:15:00

U.S. COMPLETIONS DOWN 44%

U.S. COMPLETIONS DOWN 44%

Estimated total U.S. oil and natural gas well completions decreased by 44 percent in the third quarter of 2015 compared to year-ago levels, according to API's 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 "We can't expect that growth to continue if our own outdated energy polices stand in the way.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 percent compared to year-ago levels. Estimated development gas completions decreased 39 percent. Exploratory well completions for oil and natural gas were also down, and total well completions were down 44 percent.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 25 million Americans.

api.org

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U.S. OIL DEMAND UP

 

Tags: USA, OIL, GAS, COMPLETIONS

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