API: US well completions broke records during 3Q

US oil and gas drilling reached its highest quarterly level in more than 20 years with an estimated 12,687 completions in the 3 months ended Sept. 30, the American Petroleum Institute said on Oct. 19.The total, which includes dry holes as well as oil and gas wells, was the most for a single quarter since the first 3 months of 1986 and represented a 9% increase from the same 2005 period when completions totaled 11,680.“There were very real increases in drilling activity, which refute some critics’ beliefs that US oil development efforts don’t track higher commodity prices. They did this past quarter,” John C. Felmy, API’s chief economist, told OGJ Oct. 20.Comp...

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