Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/23/2013 | 07:46pm CEST
Reid Porter | 202.682.8114 | [email protected]

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
04:48a FLUOR NEW : BWX Technologies JV Wins $1.5 Bln Environmental Management Contract
04:46a MAJOR MINORS ADJUSTMENT : first-round pick Ciuffo thrives in double-A with new swing, perspective
04:17a GIGABYTE TECHNOLOGY : AORUS Raises Its Game at COMPUTEX 2017
04:08a Beijing bling - Hyundai plots China branding reboot after missile row
04:07a BEIJING BLING : Hyundai plots China branding reboot after missile row
04:01a MANCHESTER UNITED : Trio of local soccer players return from prestigious overseas camp
03:56a CISCO : Majority of IoT projects are failing, says survey
03:49a DOHA BANK : branch announces Al Dana Millionaires
03:49a MANNAI : ICT wins 3 ISO certifications
03:40a CHINESE EAGLES : Ighalo, Ideye fire blank
Latest news
Advertisement
Hot News 
8.47%SPIRAX SARCO ENGINEERING : Sarco to buy thermal tech firm Chromalox for $415 million
10.46%RESTAURANT : gets off to stronger start in 2017 amid turnaround
-4.92%SUN PHARMACEUTICAL INDUSTRIES : Pharma 4Q Profit Falls 13.6%
-4.04%BA and Iberia plan third-party booking surcharge, Amadeus shares hit
3.25%Fosun, others eye Australia's Origin Energy gas assets worth $1.5 billion - sources
Most Read News
07:04p INTERNATIONAL CONSOLIDATED AIRLNS : British Airways outage has not canceled RDU flight to London; fliers should check status
09:27p HYUNDAI MOTOR : offers free inspection service for its cars in Kingdom
08:04p GENERAL MOTORS : Detroit Free Press Susan Tompor column
09:49p MANNAI : ICT wins 3 ISO certifications
10:08p Beijing bling - Hyundai plots China branding reboot after missile row
Most recommended articles
05/22 NOBLE : shares tumble after S&P ratings downgrade
10:08p Beijing bling - Hyundai plots China branding reboot after missile row
01:59p Reliance Communications hit by Indian mobile price war
01:51p GENERAL MOTORS : GM says ISS advises against Greenlight share plan, board nominees
01:27p FAIRFAX FINANCIAL : to sell 12.2 pct of Indian insurer ICICI Lombard