Exploratory well completions rose during the first quarter, but oil and natural gas drilling fell 28% from the comparable period last year, according to the American Petroleum Institute’s (API) well completion report for the first quarter.

The API reported Monday that there were 2,495 natural gas wells completed during the first quarter, while oil well completions were pegged at 5,352, down 1% from activity in the first quarter of 2011, and dry holes were estimated at 1,116 completions.

The Washington, DC-based producer group reported that a total of 8,963 wells — both exploration and development — were completed in the first quarter of 2012, down 9% from a year ago. API estimated total well completions at 9,877 in 1Q2011, including 5,425 oil well completions, 3,444 gas well completions and 1,008 dry holes. A total of 10,383 total wells, including 6,149 oil wells and 3,217 gas wells and 1,017 dry holes, were completed in the fourth quarter of 2011, according to API (see Daily GPI, Jan. 31).

While overall well completions dropped in the first quarter, the API said exploratory well completions rose 12% from year-ago levels. “The oil and natural gas industry expanded exploratory drilling in the first quarter of 2012, showing its commitment to finding new sources of domestic energy that Americans demand,” said Hazem Arafa, director of API’s statistics department.

©Copyright 2012Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.