American Oil and Gas Reporter - May 2015 - 23

IndustryDigest
number was 741 Bcf more than a year
ago, when storage stood at 969 Bcf.
EIA reports gas storage in the
producing region stood at 752 Bcf on
April 24, 0.9 percent above the fiveyear average and 161 Bcf more than the
591 Bcf reported in storage on March
27, which was 13.8 percent below the
five-year average. The April 24 storage
number for the producing region was up
329 Bcf from a year ago.
In the eastern region, EIA reports,
gas storage on April 24 was 597 Bcf,
20.7 percent below the five-year
average, but up 75 Bcf from the 522 Bcf
reported in storage on March 27, which
was 24.9 percent below the five-year
average. The April 24 storage number
for the eastern region was up 240 Bcf,
compared with a year earlier.
In the western region, EIA reports,
storage levels on April 24 were 361 Bcf,
25.3 percent above the five-year average
and up 13 Bcf from the 348 Bcf reported
on March 27, which was 29.4 percent
above the five-year average. The April
24 storage number in the western region
was up 172 Bcf from a year ago. Ì

Efficient Wells Boosting
U.S. Security, API Says

WASHINGTON-An estimated
$147.7 billion was invested in drilling
45,000 U.S. oil and natural gas wells in
2013, according to the American
Petroleum Institute's 2013 Joint
Association Survey on Drilling Costs.
API says the number of wells declined
slightly from 2012 and costs remained
flat, but the average depth and total
distance drilled increased, indicating a
rise in efficiency.
"Even before the recent decline in oil
prices, developers focused on
maximizing each well, reducing the
costs and surface footprint of energy
production," says API Statistics
Director Hazem Arafa. "The well count
didn't rise, but the wells are getting
deeper and more efficient. As a result,
the United States is improving its ability
to remain a competitive energy
superpower, creating jobs and fueling
economic growth."
From 2012 to 2013, the survey says
the number of new wells declined from
an estimated 46,548 to 45,039.

Expenditures dropped from 2012's
$148.9 billion. In contrast, API says the
average well depth increased from
7,981 feet to 8,491 feet, and the total
well footage (horizontal and vertical
distance drilled) climbed from 365.9
million feet to 368.1 million feet. The
survey says total footage among shale
wells-about 30 percent of wells
surveyed-increased to 190.9 million
feet from 188.8 million feet in 2012.
In addition, the survey says demand
for oil outpaced gas demand, with oil
wells accounting for 65.1 percent of
expenditures in 2013.
Over the same period, U.S. crude oil
production increased from an average of
6.5 million barrels a day in 2012 to 7.5
MMbbl/d in 2013, while marketed
natural gas production jumped from
25.3 trillion cubic feet to 25.7 Tcf,
according to the U.S. Energy
Information Administration.
"The cost per foot among shale wells
has declined more than 43 percent since
2009, and that drive toward efficiency is
helping U.S. energy production to stay
competitive in a difficult market," Arafa
says. Ì

MAY 2015 23



American Oil and Gas Reporter - May 2015

Table of Contents for the Digital Edition of American Oil and Gas Reporter - May 2015

Contents
American Oil and Gas Reporter - May 2015 - Cover1
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American Oil and Gas Reporter - May 2015 - Contents
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