In 1988, the oil and gas industry in west Texas and eastern New Mexico stabilized after a disastrous 1987. The total number of wells drilled was up 6.0% to 3,341. The number of exploratory wells drilled was up 4.4% to 571, and exploration footage was up 10.1% from 1987. The success rate for exploratory drilling decreased from 21.2% in 1987 to 19.4% in 1988. Development activity increased 6.3% to 2,770 wells, and total development footage increased by 12.4%. Oil production for 1988 was 481,818,561 bbl, down 2.2 from 1987. Gas production, however, was up 7.5% to 2,014,627 mmcf. Seismic crew activity decreased 7% from 1987. Leasing activity was also down. The amount of acreage leased was down 30%, and the total bonus paid was down 51%.

First Page Preview

First page PDF preview
You do not have access to this content, please speak to your institutional administrator if you feel you should have access.