US Oil and Gas Drilling Expenditures up in 2014

Source: www.gulfoilandgas.com 1/21/2016, Location: North America

The domestic oil and natural gas industry spent an estimated $168.7 billion in drilling approximately 46,488 oil and natural gas wells in 2014, according to APIís 2014 Joint Association Survey on Drilling Costs. The total number of new wells increased by 3.22 percent from 2013 levels.

Expenditures on oil represented 71.4 percent of all drilling costs in 2014, up from 65.1 percent in 2013. Natural gas expenditures accounted for 21.7 percent of costs, down from 29.1 percent in 2013.

Development well expenditures were $138.4 billion in 2014, while exploratory well expenditures were $5.3 billion.

The report also shows that expenditures on shale drilling represented 48.6 percent of costs, down from 63.5 percent in 2013. Overall investment in offshore production also decreased from 4.0 percent of all domestic oil and gas production expenditures in 2013 to 0.6 percent in 2014.

APIís 2014 Joint Association Survey on Drilling Costs is available through APIís primary distributor, IHS.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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