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The American Petroleum Institute (API) reported this week that the estimated total number of oil and natural gas wells drilled and completed during the second quarter increased 62% from the year-ago quarter.
According to API's Quarterly Well Completion Report, the overall increase includes a 41% rise in the estimated development of natural gas well completions. Even more dramatic, the estimated development of oil well completions increased 81%, compared to 2Q2016. The total number of estimated oil well completions also increased 19% from 1Q2017.
The quarterly report “further solidifies the United States as a global energy superpower," said API’s Hazem Arafa, director of statistics department. "With the trend of drilling activity increasing, the United States is poised to continue leading the world in the production and refining of oil and natural gas.
"The global energy balance is shifting as U.S. resources are increasingly meeting domestic and global demand, and it's important for U.S. policymakers to embrace America's leadership in the safe and environmentally-responsible development of our resources, which help keeps energy affordable for consumers and strengthens our national security."
API said an increase in the number of well completions overall could, in turn, lead to an increase in U.S. oil production, which rose 62% between 2010 and 2016. The organization said natural gas production in the U.S. went up 26% during the same time frame.