The American Petroleum Institute (API) revealed that estimated total wells drilled and completed in the Q1 2017 saw an increase of 35% compared to the Q1 2016.
This is a drastic improvement from 2016 levels, which saw a 59& decrease in total wells drilled and completed from the previous year, says the API.
“Today’s report shows evidence that we could be turning a corner when it comes oil and natural gas drilling,” says Hazem Arafa, director of API’s statistics department. “The increase in oil and natural gas drilling furthers the US as the world leader in the production and refining of oil and natural gas and in the reduction of carbon emissions which are near 25-year lows. Moving forward, it’s important to put in place forward-looking policies that embrace America’s leadership in energy that has provided benefits for American consumers, American workers and the environment.”