API: Second quarter exploratory gas well completions surged 265% from a year ago

The American Petroleum Institute (API) today released its quarterly well completion report for the second quarter of 2018 showing a 265% increase in estimated exploratory gas well completions as compared to the second quarter of 2017.

“Today’s report shows the continued growth and strength of US energy production,” said API Chief Economist Dean Foreman. “Right now, the US production is supplying substantially all the growth in oil demand throughout the world. For this growth and dominance to continue, our energy infrastructure must keep pace with production especially in areas like the Permian Basin in Texas and the Bakken in North Dakota that have experienced major growth in natural gas and oil production.”

API’s latest Quarterly Well Completion Report highlights that in the second quarter of 2018:

• The US natural gas and oil industry year to date experienced a 52% increase in drilled footage and a 50% increase in well completions, compared with the second quarter of 2017.
• The exploratory success rate in 2018 second quarter was 64.3%.
• Total estimated gas well completions increased 76% as compared to the second quarter of 2017.