This Year is on Pace for the Worst E&P Year Since Great Depression
It's been a tough stretch for the oil industry and the latest forecast from World Oil Magazine is not a good one.
According to the latest mid-year forecast from World Oil, which has surveyed and forecasted drilling activity for 90 years, says in 2016 only 14,430 wells will be drilled.
That is the lowest amount since 11,700 wells were drilled in 1933. From 1930-1934, less than 20,000 wells were drilled in all those years.
In general though, there are signs for improvement. According to World OIl, from the first half of the year to the second half, Texas drilling will improve 8.9%, Oklahoma will improve 16.4%, Louisiana will improve 50.3%, Colorado will increase 12.1%, Pennsylvania will grow 15.2% and Kansas will pick up 29.3%.
According to the report, North Dakota will remain steady from the first half of this year to the second half. California will see a drop of 3.1%.
When World Oil first forecast the number of wells back in January for this year, they projected 19,179. The new forecast comes in nearly 5,000 wells below that.