Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

API - American Petroleum Institute : API survey: U.S. energy revolution gathers momentum

12/23/2013 | 01:46pm US/Eastern
Recommend:
0
Reid Porter | 202.682.8114 | porterr@api.org

WASHINGTON, December 23, 2013 ? An estimated $153.7 billion was invested in drilling approximately 46,736 oil and natural gas wells in 2012, according to API's 2012 Joint Association Survey on Drilling Costs. The investment represents a 23.1 percent increase over 2011 levels.

"The U.S. oil and natural gas revolution is gathering momentum, as companies invest more into domestic production and expand our ability to supply America's energy needs," said API Statistics Director Hazem Arafa. "Companies are opening more oil and gas wells, with a rising share of new investment devoted to exploration and production of oil, both onshore and offshore."

The total number of new wells increased by 5.8 percent from 2011 levels. Expenditures on oil represented 61.1 percent of all drilling costs in 2012, up from 49.3 percent in 2011. Gas expenditures accounted for 30.7 percent of costs, down from 44.2 percent in 2011.

"Natural gas production remains at historic highs, but we're seeing that new production is following the market, where the demand for oil is driving growth," said Arafa. "Each dollar spent means more jobs, more production, and more abundant energy to fuel America's manufacturing and economic renaissance."

The report also shows that expenditures on shale drilling represented 34.6 percent of costs, down from 52.5 percent in 2011. Most of the decline occurred in natural gas drilling, while the number of new shale oil wells increased from 3,414 in 2011 to 3,619 in 2012. Overall investment in offshore production also increased from 6.5 percent of all domestic oil and gas production expenditures in 2011 to 7.1 percent in 2012.

API's 2012 Joint Association Survey on Drilling Costs is available through API's primary distributor, Information Handling Services (IHS). If you would like to purchase this report, please contact IHS at 1-800-854-7179, or visit their website at www.global.ihs.com.

API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 550 members - including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms - provide most of the nation's energy and are backed by a growing grassroots movement of nearly 20 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

distributed by
Recommend :
0
React to this article
Latest news
Date Title
1m ago Patent Issued for Lipid Therapy
1m ago Studies from Gilead Sciences Inc Yield New Information about Tachycardia (Relation of T-Wave Alternans to Mortality and Nonsustained Ventricular...
1m ago Patent Application Titled "Multiple Growth Factor Compositions, Methods of Fabrication, and Methods of Treatment" Published Online
2m ago An Application for the Trademark "LOCOID" Has Been Filed by Valeant Pharmaceuticals International
2m ago BAXTER : Trademark Application for "TISSEEL" Filed by Baxter International
2m ago INOVIO PHARMACEUTICALS : Trademark Application for "ISDV" Filed by Inovio Pharmaceuticals
2m ago Researchers Submit Patent Application, "Therapeutic Agent for Influenza Virus Infection Diseases", for Approval
2m ago Researchers Submit Patent Application, "Tiered Wakeup Strategy", for Approval
2m ago FOREST CITY ENTERPRISES : "Let's Go Shopping," Say Teens, Young Adults
2m ago BOSTON SCIENTIFIC : Receives FDA Approval for REBEL™ Platinum Chromium Coronary Stent System
Latest news
Advertisement
Hot News 
VIROPHARMA : Updated Rule 2.10 Announcement
CLEAN AIR POWER : EPW Subcommittee Hearing Highlights Effects of Climate Change on American Communities
GFI : CME Group and GFI Group Announce Plan for Strategic Transactions
ACTA : Governor Corbett Discusses New Transportation Plan's Role in Maintaining Transit Service for Employees in Pittsburgh Region
MULTIMEDIA GAMES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
Most Read News
39m ago BANCO MACRO : Argentina fails to reach debt agreement, default imminent
2h ago AMC NETWORKS : wants stake in BBC America - source
3h ago JPMORGAN CHASE : Announces $30 Million for Small Business Network Growth
14m ago BANCO ESPIRITO SANTO : BES seeks capital as key staff suspended over massive losses
2h ago MOLECULAR MEDICINE : Researchers from Huazhong University of Science and Technology Provide Details of New Studies and Findings in the Area of Molecular Medicine (Growth...
Most recommended articles
6m ago SAMSUNG ELECTRONICS : Elec says third-quarter handset, tablet shipments to rise 10 percent vs second quarter
7m agoDJIMF Urges China to Speed Up Reforms
7m ago Samsung Elec sees tough second half after second-quarter profit slips
8m ago Samsung Elec says third quarter handset, tablet shipments to rise 10 percent vs second quarter
9m ago China should set lower 2015 GDP growth target of 6.5-7 percent - IMF
Dynamic quotes  
ON
| OFF