U.S. oil well completions plunged 18% in first half 1996 to 3,241 from 3,967 a year ago, American Petroleum Institute reported.
API estimated oil and natural gas well completions fell 7.2% to 9,878 in the first half from 10,641 in first half 1995.
It said the decline in oil well completions was even more pronounced in the second quarter, when there were 28% fewer completions than in 1995. Gas well completions in the first half were 4,294, up 1% from the same period a year ago. For the second quarter the total was 2,100, up 14%.
Dry holes declined 4% to 2,343 from 2,432 a year ago, dropping 2% from 1,209 to 1,190 in the second quarter.
Total footage declined 5.8% to 58,389,000 ft in the first half from 61,986,000 ft a year ago. Footage dropped 2.5% in the second quarter.
Exploratory vs. development
Operators completed 1,242 ex-ploratory wells in the first half, down 16% from 1,480 a year ago.
Exploratory oil well completions were 185, down 28% year to year. In the second quarter, only 70 exploratory oil wells were completed, down 44% from a year ago.
Exploratory gas well completions were down 16% and dry holes 13% for the first half.
Development well completions fell 6% the first 6 months and 7% the second quarter. Development oil well completions dropped 18%, development gas wells rose 2%, and development dry holes increased 2% in the first half.
Development footage dropped 4.5% during the first half and 1.5% during the second quarter.
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