According to API's 2006 Quarterly Well Completion Report: Fourth Quarter, a 21-year high estimated 49,375 oil wells, natural gas wells and dry holes were completed in 2006. The fourth quarter's estimated 12,439 completions were the highest since first quarter 1986.
In 2006, natural gas remains the main driver of the US E&P industry. An estimated all-time high of 29,356 natural gas wells were completed in 2006an estimated 7,482 of those in the fourth quarter, an all-time quarter high for natural gas drilling activity in the U.S.
API's estimates show that the resurgence in oil well completion activity that began in 2000 continued into 2006. At 15,346 estimated wells, 2006 oil well completion activity exceeded that of every year in this decade and every year in the 1990s.
In 2006, exploratory oil well estimates rose for the fourth straight year to 932a 20-year high. The fourth quarter estimate of 301 wells was the highest since first quarter 1986.
API also reported that total estimated footage drilled in 2006 was the highest in more than two decades. According to API estimates, some 289,959,000 feet was drilled in 2006 and 74,439,000 feet was drilled in the fourth quarter alone.
Most Popular Articles
From the Career Center
Jobs that may interest you