Printer Friendly

UNITED STATES OIL AND GAS DRILLING DOWN 24 PERCENT THROUGH FIRST THREE QUARTERS, PI REPORTS

 UNITED STATES OIL AND GAS DRILLING DOWN 24 PERCENT
 THROUGH FIRST THREE QUARTERS, PI REPORTS
 HOUSTON, Oct. 12 /PRNewswire/ -- Drilling for oil and gas in the United States fell by 24 percent during the first three quarters of 1992, a year that has seen a pronounced shift by domestic operators to international petroleum arenas as well as a growing trend toward the acquisition of United States oil and gas reserves through purchase rather than by drilling.
 At the end of September, Petroleum Information Corp. (PI) counted 12,000 well completions nationwide, down by nearly one-fourth from the 15,782 wells drilled for oil and gas in the first three quarters a year ago. Based on drilling trends year-to-date, PI estimates that 1992's United States completion count will total only approximately 18,000 wells at the close of the year. When all well completions for 1992 are eventually reported, the final total will likely mark the lowest level of domestic drilling since 1971. Well completions are recorded when testing is completed and a final status is determined and reported. Therefore, data for any specific year are never complete at the close of that year.
 Significant decreases in drilling were seen in all well classes during the first nine months of the year, with oil well drilling, particularly in the development category, suffering the steepest declines.
 Through the end of the third quarter a total of 4,873 oil wells had been completed nationwide, down 29.2 percent from the 6,885 oil completions reported domestically during the like period in 1991.
 Drilling for natural gas fared only slightly better, with gas completions in the first three quarters dropping 26 percent from a year ago, to 3,262 from 4,409. Overall rate of success was 67.8 percent, off sharply from the 71.6 percent success rate recorded during the first nine months of 1991.
 Oil and gas exploration in the United States, including new field wildcatting and "other exploratory" activity (deeper or shallower pay tests and field extension work) fell by a combined 17.9 percent in the first three quarters, with 2,257 exploratory completions reported during the period compared to 2,748 a year earlier.
 New field wildcat completions eroded 16.8 percent through the first nine months, dropping from 1,314 a year ago to a total of 1,091. The number of new oil field discoveries fell 12.1 percent, to 102 from 116, while new gas field discoveries dipped 7.7 percent, from 78 to 72.
 Work in the nation's "other exploratory" category, meanwhile, decreased 18.7 percent during the first three quarters, with PI counting 1,166 exploratory completions in or near existing fields compared to 1,434 a year earlier. Oil completions in the category declined 19.9 percent, from 302 to 242, while the number of "other exploratory" gas completions dropped 14.4 percent, to 184 from 215 a year ago.
 Hardest hit among all classes of drilling this year, however, has been field delineation activity. Through the end of September the number of development well completions in the United States had slumped 25.2 percent, as its share of total domestic drilling eroded by more than a full percentage point, to 81.2 percent. Of the 9,743 infill wells completed in the United States in the first nine months, 4,529 produced oil and 3,006 flowed gas, down from 6,467 oil wells and 4,116 gas completions in 13,034 attempts a year ago.
 PI is the world's largest oil and gas information company, with offices throughout the United States as well as in Calgary, London and Perth. PI offers reporting services, data and data analysis services, seismic data and training, maps, land and lease data and a variety of other exploration and production services to the petroleum and related industries. PI has the most accurate and complete digital well and production databases available in the United States, and is the official supplier of United States well completion statistics to the American Petroleum Institute.
 -0- 10/12/92
 /CONTACT: Tom Cheney or Dana Cain of Petroleum Information, 800-645-3282/ CO: Petroleum Information Corp. ST: Texas IN: OIL SU:


BB -- DV001 -- 8735 10/12/92 09:04 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 12, 1992
Words:708
Previous Article:AUTOMOTIVE INDUSTRIES HOLDING, INC. REPORTS INCREASED THIRD QUARTER SALES AND EARNINGS
Next Article:BEYOND INTEGRATES BEYONDMAIL WITH LOTUS NOTES
Topics:


Related Articles
PETROLEUM INFORMATION REPORTS U.S. OIL AND GAS DRILLING OFF 19 PERCENT IN FIRST QUARTER
GEOPHYSICAL OIL AND GAS EXPLORATION INCREASES IN INTERNATIONAL WATERS, REPORTS PETROLEUM INFORMATION
NORCEN CONFIRMS FIRST QUARTER RESULTS
PANCANADIAN FIRST QUARTER 1992 REPORT
PETROLEUM INFORMATION REPORTS UNITED STATES OIL AND GAS DRILLING DECLINES 22 PERCENT DURING FIRST HALF OF 1992
PI REPORTS UNITED STATES DRILLING DROPS TO LOWEST LEVEL SINCE 1971
APACHE POSTS EARNINGS OF $11.6 MILLION; $59.8 MILLION CASH FLOW FIRST QUARTER RECORD
NOBLE DRILLING REPORTS $.05 PER SHARE NET INCOME IN FIRST QUARTER 1993
U.S. WELL COMPLETIONS UP 8.3 PERCENTTHROUGH MID-YEAR, PETROLEUM INFORMATION REPORTS
U.S. WELL COMPLETIONS JUMP 16 PERCENT IN 1993, PETROLEUM INFORMATION REPORTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters