Rise in US drilling expenditure

Dec 30, 1997 01:00 AM

Expenditures for oil and natural gas drilling in the United States in 1996 increased to nearly $ 11 bn - their highest level since 1991 according to the American Petroleum Institute (API).
API, in its "Joint Association Survey on Drilling Costs," said that the petroleum industry spent $ 10.9 bn to drill and equip wells, or 3.6 % more than the previous year.
The number of ultra-deep wells - 20,000 feet or more - nearly tripled from the previous year, and the Gulf of Mexico remained the dominant region for offshore exploration.
The survey showed 22,009 wells were drilled in 1996, up 7.2 % from 1995. Of that amount, 8,180 were oil wells, up 5.6 %; 8,684 gas wells, up 10.4 %; and 5,145 dry holes, up 4.6 %.
The total cost for oil wells was $ 2.8 bn, while gas wells cost $ 5.3 bn and dry holes cost $ 2.8 bn. The average cost per oil well was $ 341,000, while the average cost per gas well was $ 616,000 in 1996.
Total footage drilled amounted to 122.8 million feet, an increase of 1.6 %.
However, fewer horizontal wells were completed - 1,108, down 6 % from 1995.

Source: not available
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