At midyear, majors trim drilling plans for 1988

Journal Article · Mon Jul 25 04:00:00 EDT 1988 · Oil Gas J.; (United States)

OSTI ID:6915792

McCaslin, J C

Oil prices haven't firmed as operators expected 6 months ago. And U.S. natural gas prices, poised for improvement at the first of the year, have slumped. The result has been scaled-back plans for 1988 U.S. drilling by both majors and independents. Here's how the year looks with 6 months to go. The U.S. active rotary rig count will average 1,010, up 8% from an average of 936 last year. Operators will drill about 38,864 wells in the U.S. in 1988, an 8.7% increase over the estimated 35,744 wells drilled in 1987. Exploratory drilling will increase by about 18% from a modern low in 1987, to almost 5,400 wells this year. Footage drilled in the U.S. will top 176.4 million ft, raising average well depth to 4,550 ft. Major operators now plan to drill only 7,784 wells this year, including 941 wildcats. A total of 3,363 wells was drilled by the majors during the first half of the year. Drilling in western Canada will see 8,500 wells completed in 1988, up slightly from the January estimates. Outside the U.S. and Canada, cumulative rig count average through May was 1,027 on target with the 7% increase projected in January.

• OSTI ID: 6915792
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 86:30; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020200* -- Petroleum-- Reserves
Geology
& Exploration
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
03 NATURAL GAS
030200 -- Natural Gas-- Reserves
Geology
& Exploration
030600 -- Natural Gas-- Economic
Industrial
& Business Aspects
CANADA
DRILLING
ENERGY SOURCES
EXPLORATORY WELLS
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
NATURAL GAS
NORTH AMERICA
PETROLEUM
PLANNING
PRICES
ROTARY DRILLING
USA
WELL DRILLING
WELLS