U.S. oil activity up, gas down, API says

07 18, 2012 by UPI

The number of completed oil wells in the United States rose 13 percent compared with last year though natural gas wells declined, a trade group said.

The American Petroleum Institute, in its quarterly report, finds that oil well completions increased 13 percent during the second quarter of 2012 when compared to last year.

API said there were 2,472 natural wells drilled in the United States during the second quarter, a 24 percent decline from the same time last year.

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Overseas, accountants at Deloitte estimated that drilling activities in the British waters of the North Sea increased 64 percent during the second quarter of 2012 compared with last year.

Graham Sadler, director of the petroleum services group at Deloitte, was quoted by the BBC as saying summer traditionally represents the high-water mark for drilling. North Sea drilling, however, was lower than in 2010, he said.