API: Oil and natural gas exploratory drilling down in first quarter
WASHINGTON, D.C. -- Estimated natural gas well completions decreased 70% in the first quarter of 2016 compared to year-ago levels, according to API's 2016 Quarterly Well Completion Report, First Quarter.
“America’s shale energy revolution has helped the U.S. lower our greenhouse gas emissions while making energy cheaper for American consumers,” said Hazem Arafa, director of API's statistics department. “To continue this progress, we must revisit current energy policy, speed up the LNG export approval process and avoid unnecessary regulations to help U.S. producers to compete effectively in the global market under the low-price environment.”
Exploratory oil completions fell 90% compared to 2015 first quarter estimates. Total feet drilled decreased 73%, with the largest decrease seen in the footage of exploratory wells.
