 |
 |
 |
|
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
Print this page
Email to a friend
 |
|||||||
Economic Reports | |||||||
 | |||||||
|
|||||||
|
Reports & Statistics » Economic Reports
State of the Industry
EMPLOYMENT: Preliminary employment data for the exploration and production sector of the oil and natural gas industry, as of February 1999, stood at 288,400 employees, compared to 334,700 in the same month last year. In 1998, the U.S. averaged 325,900 employees, compared to 334,600 for 1997. Since the early 1980s, 520,000 jobs relating to the oil and natural gas industry have been lost.
CRUDE OIL IMPORTS: Imports of crude oil and petroleum products in 1998 averaged 10.3 million barrels per day, the highest level ever of imports. This represents a 220,000 b/d increase over 1997 levels of 10.16 MMb/d. Imports have continued to constitute over 53 percent of domestic supply of petroleum products. Five years ago, we depended on imports to supply 45 percent of our needs. Imports of refined products averaged 1.83 MMb/d in 1998 down from 1.93 MMb/d in 1997. Crude oil imports have increased to 8.55 MMb/d in 1998, up from 8.22 MMb/d in 1997. U.S. petroleum imports (crude & products) in January were 10.18 MMb/d; imports in the same month last year were 9.89 MMb/d.
NATURAL GAS IMPORTS: Natural gas imports for 1998 averaged 3.13 Trillion cubic feet (Tcf), a four- percent increase over 1997. They have been rising steadily and rapidly since 1986. Canada continued its role as the major supplier of gas imported into the U.S., supplying the United States with 3.02 Tcf in 1997.
CRUDE OIL PRODUCTION: Crude oil production in 1998 fell to an average 6.24 MMb/d, compared to 6.45 MMb/d in 1997, representing a 209,000 b/d decrease. Crude oil production in the lower 48 states fell to 5.06 MMb/d, while Alaskan production continued its decline to 1.17 MMb/d. U.S. crude oil production in February averaged 5.94 MMb/d, its lowest level in nearly fifty years; compared to 6.38 MMb/d during the same month last year.
NATURAL GAS PRODUCTION: Total dry natural gas production in 1998 averaged 18.97 Tcf, up from 18.90 Tcf for 1997. This was attributed to a significant increase in production in the Gulf of Mexico as well as from Arkansas and Colorado. In 1998, gross withdrawals of natural gas reached an all time high of 24.5 Tcf, topping the 1973 level of 24.0 Bcf. U.S. dry gas production in January was 1.61 Tcf; production in the same month last year was 1.61 Tcf.
ROTARY RIG ACTIVITY: In 1998, the rotary rig count averaged 827 rigs for the United States, a decrease of 116 over one year ago. The rotary rig count has dropped to an all time low of 502 through March 26, 1999. Twenty-two percent of the rigs were drilling for oil, while seventy-eight percent were drilling for gas.
WELL COMPLETIONS: In 1998, total well completions showed a decline of 13 percent to 24,884 over 1997. There were 10,711 gas well completions; 8,720 oil well completions and 5,453 dry holes.
RESERVES: In 1997, crude oil reserves increased 2.4 percent to 22,546 million barrels. Naturals gas liquids 1.9 percent to 7,973 million barrels. Dry natural gas reserves increased 0.4 percent to 167.2 Tcf. The 1997 reserve/production ratios stood at 9.6 for crude oil and 8.8 for natural gas.
Sources: DOE, API, Baker Hughes, BLS
Problems? Email: Webmaster@ipaa.org | © 2005 by the Independent Petroleum Association of America. All Rights Reserved. Privacy Policy