U.S. oil, natgas well drilling up 13 pct in Q1-API
WASHINGTON, April 23 (Reuters) - The number of U.S. completed wells drilled in search of oil and natural gas totaled 7,059 during the first quarter, up 13 percent or 804 wells, from the same period a year ago, the American Petroleum Institute said Thursday.
Natural gas well completions jumped 23 percent to 3,169, oil wells increased 10 percent to 2,661 and dry holes were down 2 percent at 1,228, the API said in its latest quarterly drilling statistics report.
''These increases in completions reflect the fact that drilling rig activity last year was up 21 percent from 1996,'' the API said.
Separately, the amount of well footage drilled during the quarter increased by 4 million feet, or 12 percent, from last year to 38.4 million feet, according to the trade group |
