API: US drilling at 21-year high in 1Q

US oil and gas drilling reached a 21-year peak during 2007’s first 3 months and was nearly twice the level of first-quarter drilling activity during the 1990s, the American Petroleum Institute said on Apr. 26.An estimated 11,771 oil wells, natural gas wells, and dry holes were completed during the period, 1% more than the total for 2006’s first quarter, API said in its latest quarterly well completion report.It said gas remained the primary US drilling target, with an estimated 7,085 completions, a first-quarter record. But an oil drilling resurgence that began in 2000 continued with an estimated 3,674 completions. That was second only to 2006’s initial 3 months, when es...

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