Despite the havoc wreaked by the twin Gulf of Mexico hurricanes and the upheaval in the credit markets, third-quarter oil and natural gas production oupaced year-ago levels and second-quarter activity, the American Petroleum Institute (API) reported Friday.

An estimated 16,379 oil wells, natural gas wells and dry holes were completed in the third quarter, up 16% from the third quarter a year ago, according to the producer group. And it was about 13% higher than the second-quarter’s completion rate of 14,289 wells and dry holes.

Natural gas continued to be the primary focus of domestic drilling efforts, with an estimated 8,467 gas wells completed in the third quarter, up 6% from the comparable period in 2007, the API reported. The second quarter saw 7,561 gas wells completed.

Oil well drilling was at a lower level than natural gas — 6,244 oil wells were completed in the third quarter– but the activity was 34% higher than the corresponding period last year, the API said.

Total estimated exploratory well completions rose 8% in the quarter from the same period in 2007. The API said total estimated development well completions rose 17% from a year ago, largely due to a surge in estimated development oil wells, which were up 36% in the third quarter of this year compared with the third quarter in 2007.

The producer group also reported that an approximate total of 107,631 million feet was drilled in the third quarter, up 26% from the year-earlier and the highest estimated third-quarter footage drilled ever. The API said oil well footage alone was up 40% over last year.

©Copyright 2008Intelligence 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.