Show Oil il industry increases InCreaSes drilling pace The oil oit industry is continuing to work toward a goal goat of increasing ing domestic production in order to lessen the nations nation's dependence on energy imports according to the American Petroleum tute In a u statement on the outlook for or the industry API President Frank H H. Ikard cited increased drilling figures as an indication of the industry's vigor The increase in drilling completions completions com corn is an encouraging sign Ikard said A total of wells were drilled in 1975 an in increase in n- n crease of more than over 1974 Of these were exploratory exploratory ex ex- compared with the year before Despite the increase in drilling oil production continued downward down down- ward Ikard noted US U.S. production production tion in 1975 averaged 1003 million mil mit million lion barrels a day down 44 percent per percent percent cent from rom 1974 Total domestic demand was down two per cent from rom the year before belore Declines were recorded for all products except gasoline and type jet fuel Gasoline demand was up 21 per cent and demand for jet fuel uel increased in increased in in- creased 32 per cent Ikard cited the fact that total footage drilled in 1975 1975 1745 million feet was feet was 16 per cent higher than the footage drilled in 1974 He s said id this is an indication indication indica indica- tion of the difficulties being encountered encountered en en- countered in attempts to find more oil Yet he said we know the i oil is there We will just have to i search harder go deeper into i imore more remote places and farther and deeper offshore offshore and and we will need more money to do it than we ever have in the past I |