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Show The National Enterprise , Starch 30, 1977 Page six. Price Incentives Will Spur Utah Drilling Statistical reviews of Utahs oil and gas industry activities reveal increased drilling is likely during 1977 but decreased field production will probably continue unless a major new oil province is discovered in the state. Various researchers say drilling will be spurred primarily by price incentives in the form of unregulated intrastate gas prices; deregulated stripper oil prices; controlled upper tier oil prices and new interstate gas prices. It will also depend on new incentive established for drilling on both federal and state lands. These observations are made from statistical reports by Carlton Stowe, staff minerals specialist, Utah Department of Natural Resources who is daily in contact with the oil and gas industry and gathers collective information on Utahs energy conservation and development programs. A number of summary reports issued by the American Petroleum Institute, the American Association of Petroleum Geologists, Petroleum Information Corporation, World Oil - Gulf Publishing Company, several federal agency reviews and records of state agencies, tabulate statistical information on state and national drilling, exploration and production which have been average of 25 working in the state. He knows where to take his client to lunch His company knows how to treat a valued business client. For a quiet, unhurried luncheon meeting . . . quick service when you need it ... or simply for a relaxed midday break from a busy, pressured schedule. Major Companies Versus the Independent Independents (the small company or the individual operator) drilled most of the wells in Utah last year and will do the same - possibly in the state again during 1977. In 1976, independents drilled 79 wells in the state and major oil companies drilled 41. Lunch from 11:30 until 2:00 p.m. Monday through Friday -- Auerbach parking validated. Dinner from 6:00 until 10:30 p.m. nightly except Sunday with live music while you dine valet parking. Production A 13.6 percent decline was noted in the 1975 to 1976 production. In 1975, 108.4 thousand barrels were produced daily compared to the 1976 figure of 93.7 thousand. A drastic drop is forecast to 1977 daily producing rates which will approach only slightly above 90,000 barrels. fp In flcurtle 1$ 338 South State Telephone 359-575- 3 In 1974, natural gas Continued on page thirteen . analyzed by Stowe for appropriate Utah information. He summarizes this information as follows: Drilling In 1977, 146 wells will be drilled in Utah compared with 120 drilled in 1976. Most statistical reporting agencies' forecasts arrive at the 146 well figure uniThe forecast is formly. still short of the 198 wells drilled in Utah in 1975. During 1977, it is expected that the total amount of footage drilled will be 1,032,950 feet - compared with 838,238 feet in 1976. New Producing Well Com- pletions 1977 will see only 60 new oil wells and 10 gas wells put into production in Utah. In 1976, 59 wells and 9 gas wells were completed. Exploration Exploratory drilling during the year will see the completion of 40 wells. In 1976, 35 wells were drilled. Two of the 1976 exploratory test wells were drilled to depth below 15,000 feet. Significantly, six or more will go to depth below 15,000 feet during 1977. Rig activity should increase in 1977 to an average count of 20 in the state. Rigs running in 1976 averaged 19, however, the active rig count is below the 1975 you cant answer this question, then youre ready for the Wyc-kocourse. Learn time-teste- d investment principles that really work. How to analyze pricevol-um- e relationships buying and weakness selling pressures and strength. Then sharpen your skills through personal coaching If ff and paper trades. Of course, you may end up answering your own questions, but our brochure is free for the asking anyhow. am STOCK MARKET INSTITUTE, IN 715 East Sierra Vista Dept.NE S Phoenix, Arizona 85014 Please mail me your FREE BROCHURE. NAME. ADDRESS. C1TYSTATEZIR. |