API: gas well completions down 70%
Published by Callum O'Reilly,
Senior Editor
LNG Industry,
According to the American Petroleum Institute’s (API) ‘2016 Quarterly Well Completion Report, First Quarter,’ estimated natural gas well completions have fallen by 70% in 1Q16 compared to the corresponding period of last year.
Hazem Arafa, Director of the API's statistics department, said: “America’s shale energy revolution has helped the US lower our greenhouse gas emissions while making energy cheaper for American consumers […] To continue this progress, we must revisit current energy policy, speed up the LNG export approval process and avoid unnecessary regulations to help US producers to compete effectively in the global market under the low-price environment.”
Exploratory oil completions also fell 90% in the period.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/07042016/api-gas-well-completions-down-70-percent-2240/
You might also like
IEEFA: Tidal wave of new LNG supply to flood market amid demand uncertainty
Sluggish demand growth for LNG, combined with a record increase in global export capacity through 2028, will likely thrust markets into an extended period of oversupply, according to the latest Global LNG Outlook from the Institute for Energy Economics and Financial Analysis.