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API: US exploratory drilling up over 50% in 2Q

07/21/2008
Oil and gas producers drilled over 50% more US exploratory wells in second-quarter 2008 than a year earlier, reported the American Petroleum Institute in its latest quarterly estimate of domestic well completions.Exploratory wells, which accounted for nearly 17% of total wells drilled, grew 53% year-to-year, it said. Oil well completions rose 49%, while gas well completions jumped 99% from their level in 2007’s second quarter, API said.API said an estimated 14,289 oil wells, gas wells, and dry holes were drilled domestically during the 3 months ended June 30—8% more than a year earlier.A resurgence of US oil well completions that began in 2000 has continued. An estimated 5,219 ...
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