U. S. drilling recovery possible as oil prices firm

Journal Article · Mon Jul 27 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:7310498

Petzet, G A

Steady oil prices raise hopes for a second half recovery from record low drilling levels in the US earlier in the year. Natural gas prices firmed this spring after a dismal low in February and were strong in July. Gas drilling is picking up in anticipation of expiration at yearend of federal tax credits for production from low permeability reservoirs. This paper reports that wellhead revenues will total $77.8 billion for the year, 5% more than in 1991. But operators may reinvest only 10.5% of that, down from an estimated 13.5% in 1991. Here is an updated look at 1992 US drilling with less than half the year remaining: Operators will drill 23,630 oil wells, gas wells, and dry holes, down from an estimated 28,778 drilled in 1991. Exploratory drilling will drop to 4,896 wildcats. The rotary rig count will average 695, down 19% from the 1991 average. Total footage drilled will exceed 152 million ft of hole, and well depth will average 4,950 ft.

• OSTI ID: 7310498
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:30; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020300 -- Petroleum-- Drilling & Production
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
03 NATURAL GAS
030600 -- Natural Gas-- Economic
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
DEVELOPED COUNTRIES
DRILLING
ENERGY SOURCES
ENHANCED RECOVERY
EVALUATION
FLUIDS
FORECASTING
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
NATURAL GAS
NATURAL GAS WELLS
NORTH AMERICA
OIL WELLS
PETROLEUM
PRICES
PRODUCTIVITY
RESOURCE ASSESSMENT
USA
WELL DRILLING
WELLS