U.S. drilling & completion half-year estimates at 21-year high – API

Bill Bush | 202.682.8069| bushw@api.org 

WASHINGTON – Replicating first quarter 2007 estimates, U.S. drilling estimates for the second quarter of 2007 are at twice the level of second quarter drilling activity recorded during the 1990s.  Together, the first six-months of U.S. drilling estimates haven’t been this high since 1985, API said.

According to API’s 2007 Quarterly Well Completion Report: Second Quarter, a 21-year second quarter high estimated 13,009 oil wells, natural gas wells and dry holes were completed in the second quarter of 2007, up 3 percent from the second quarter of a year ago. 

Natural gas continues to be the primary target for domestic drilling.  An estimated 7,209 natural gas wells were completed in the second quarter of 2007, the highest second quarter natural gas estimated drilling activity ever.

API’s estimates show that the resurgence in oil well completion activity that began at the start of the decade is continuing into 2007.  An estimated 4,458 oil wells were completed in the second quarter of 2007, the highest second quarter oil well estimated drilling activity since 1985.

Total estimated exploratory completions, accounting for almost 11 percent of total estimated completions, increased 39 percent in the second quarter of 2007 compared to the same quarter last year.  Total estimated development completions remained largely unchanged.

API also reported total estimated footage of 75,682,000 feet drilled in the second quarter of 2007.  This was up 6 percent from the second quarter of 2006 and was the highest second quarter estimated footage drilled in over two decades.

The API Quarterly Well Completion Report is available for an annual subscription from API, Publications and Distribution Section ORDER DESK, 1220 L Street, N.W., Washington D.C. 20005.  Telephone (202) 682-8499.  Fax: (202) 962-4730.