Decline Approaches ‘Flat’, Compared to Avg. 17.3% Quarterly Declines for the Past 18 Months

Estimated oil wells drilled and completed in the third quarter of 2016 remained relatively unchanged from the previous quarter at 2,285. That is a decline of 3.7%, which follows an average of 17.3% in quarterly declines for the past year and a half.

“Today’s report shows evidence that the consistent decline in oil and natural gas drilling could be coming to an end,” said Hazem Arafa, director of the American Petroleum Institute’s statistics department in a press release.

 


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