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API: US drilling activity falls 37% in 2009

01/25/2010
By Nick Snow
Fewer US oil and gas wells were drilled in 2009 than in 2008, but the pace of activity grew during last year's final 6 months, the American Petroleum Institute reported.The estimated 39,068 oil and gas wells and dry holes completed last year in the US was 37% lower than 2008's total, API said as it released its latest quarterly US drilling statistics. But the 10,609 completions during the fourth quarter were 19% higher than the third quarter, which in turn was 6% higher than the second quarter, it added."We are currently seeing US drilling activity picking up with the economic recovery," said Hazem Arafa, API's statistics department director. "But there is still a long way ...
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