Exploratory well completions increased by 12% in this year’s first quarter, the American Petroleum Institute said in its latest quarterly well completion report. But overall well completions, including exploration and development completions, declined by 9% from a year earlier with 8,963 total wells being completed during the quarter.
The report showed that both oil and natural gas well completions declined from year ago levels, with 5,352 oil well completions, a 1% decline from a year earlier. API reported 2,495 natural gas well completions during the recent quarter, a 28% decline from the first quarter of 2011.
Dry hole completions increased by 11% to 1,116 completions. Estimated total drilling footage during this year’s first quarter was 66,254,000 ft, a 9% decline from a year earlier.