US drilling recovery evident in completions, other data

04/24/2006
Completion totals and federal onshore permitting and leasing data reflect the strong drilling recovery under way in the US.The country’s drilling activity climbed 9% year-to-year in the first quarter, the American Petroleum Institute said in its latest quarterly well completion report.Producers drilled an estimated 11,527 oil wells, gas wells, and dry holes in the US during 2006’s first 3 months, compared with 10,534 in the comparable 2005 period.Gas well completions increased 8% year-to-year to 6,957, oil well completions grew 10% to 3,358, and dry holes climbed 16% to 1,212.API Chief Economist John C. Felmy noted “anecdotal evidence” that fewer deepwater wells we...
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