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U.S. completions climb 5% two quarters in a row

Dec. 15, 1997

Completions of oil and gas wells and dry holes in the U.S. continued at a strong pace in third quarter 1997, the American Petroleum Institute reports. API said completions were up 5% at 6,200 vs. 5,910 in the same period a year ago. Completions also had risen 5% in the second quarter. API said oil well completions increased 6%, and gas well completions rose 11% in the latest quarter. Exploratory drilling fell 22% in the quarter. Exploratory oil wells dropped 11% to 108 completions, gas wells

Completions of oil and gas wells and dry holes in the U.S. continued at a strong pace in third quarter 1997, the American Petroleum Institute reports.

API said completions were up 5% at 6,200 vs. 5,910 in the same period a year ago. Completions also had risen 5% in the second quarter.

API said oil well completions increased 6%, and gas well completions rose 11% in the latest quarter.

Exploratory drilling fell 22% in the quarter. Exploratory oil wells dropped 11% to 108 completions, gas wells 38% to 87 completions, and dry holes 20% to 463 completions.

Total footage drilled for all types of wells during the quarter rose 9% to 31,530,000 ft vs. 34,304,000 ft in the third quarter of 1996.

API said for the first 9 months of 1997, total completions were up 5% at 16,564, but exploratory completions declined by 18%.