Offshore oil production cost per barrel
US$ per Barrel Million Barrels per Day Operating cost (U.S. dollars a barrel) Oil production (million barrels a day) United Kingdom Canada Equatorial Guinea Malaysia Colombia Congo Norway China Venezuela Egypt Italy Ghana South Sudan Bahrain Libya Algeria Azerbaijan Chad Ecuador Iran Saudi Arabia Kuwait Brazil Australia Gabon Thailand Nigeria Shale oil costs more than conventional oil to extract, ranging from a cost-per-barrel of production from as low as $40 to over $90 a barrel. The cost of conventional oil varies so much that Saudi Arabia can produce at under $10 per barrel, while worldwide costs range from $30 to $40 a barrel. The average cost for offshore rigs can be as much as 15 to 20 times greater than the average cost for land rigs. The least-expensive offshore rigs typically cost nearly $200 million. The average price for offshore oil-drilling rigs is approximately $650 million. In the U.K.’s case, Sara Sottilotta found operational expenditure (opex) per barrels of oil equivalent (boe) fell from more than $30 per barrel in 2014 to just $16 per barrel in 2019.
US$ per Barrel Million Barrels per Day Operating cost (U.S. dollars a barrel) Oil production (million barrels a day) United Kingdom Canada Equatorial Guinea Malaysia Colombia Congo Norway China Venezuela Egypt Italy Ghana South Sudan Bahrain Libya Algeria Azerbaijan Chad Ecuador Iran Saudi Arabia Kuwait Brazil Australia Gabon Thailand Nigeria
In that year, Kuwait had the lowest production costs per barrel of oil, at a total cost of 8.5 U.S. dollars per barrel of oil. Of that total cost, 3.7 U.S. dollars was capital expenditure costs US$ per Barrel Million Barrels per Day Operating cost (U.S. dollars a barrel) Oil production (million barrels a day) United Kingdom Canada Equatorial Guinea Malaysia Colombia Congo Norway China Venezuela Egypt Italy Ghana South Sudan Bahrain Libya Algeria Azerbaijan Chad Ecuador Iran Saudi Arabia Kuwait Brazil Australia Gabon Thailand Nigeria Shale oil costs more than conventional oil to extract, ranging from a cost-per-barrel of production from as low as $40 to over $90 a barrel. The cost of conventional oil varies so much that Saudi Arabia can produce at under $10 per barrel, while worldwide costs range from $30 to $40 a barrel. The average cost for offshore rigs can be as much as 15 to 20 times greater than the average cost for land rigs. The least-expensive offshore rigs typically cost nearly $200 million. The average price for offshore oil-drilling rigs is approximately $650 million. In the U.K.’s case, Sara Sottilotta found operational expenditure (opex) per barrels of oil equivalent (boe) fell from more than $30 per barrel in 2014 to just $16 per barrel in 2019. The average breakeven price of oil has fallen 4 percent (or $2 per barrel) over the past year, to $50 per barrel, according to the latest Dallas Fed Energy Survey. The $50 top-line figure masks some important differences. Production taxes were the major contributor to the decline in total lifting costs. Worldwide they declined $0.84 per boe in 2009, which is 70 percent of the decline in total lifting costs ( Table 9 ). Production taxes typically rise and fall with changes in the prices of oil and natural gas, both of which fell in 2009.
A world oil price in the range of $55 to $60 per barrel is less than the cost of Russian Arctic oil production, European and Brazilian biofuel production, US and Canadian shale and tight oil production, and Brazilian presalt oil production. Sustained price levels below the cost of production can deter exploration
In the U.K.’s case, Sara Sottilotta found operational expenditure (opex) per barrels of oil equivalent (boe) fell from more than $30 per barrel in 2014 to just $16 per barrel in 2019. Oil prices. Oil prices are above $60 per barrel after almost two years. On October 30, 2017, Brent crude oil prices were $60.10 per barrel and West Texas Intermediate crude was at $53.91 per barrel. Brazil's oil production fell in January by 180,000 barrels after investments in its costly deep offshore basin were hit by low oil prices and a corruption scandal. In January, the country's state oil giant Petrobras cut its five-year investment plans through 2020 by $32 billion to $98.3 billion. A world oil price in the range of $55 to $60 per barrel is less than the cost of Russian Arctic oil production, European and Brazilian biofuel production, US and Canadian shale and tight oil production, and Brazilian presalt oil production. Sustained price levels below the cost of production can deter exploration Breakeven price of offshore oil worldwide in 2018, by company and project (in U.S. dollars per barrel) This statistic displays the breakeven price of offshore oil worldwide in 2018, by company and project. In that year, Royal Dutch Shell's pre-FID deepwater projects had an average breakeven oil price of just under 40 U.S. dollars per barrel. Let’s say the price for 1 barrel of oil is around $60 and the price for 1000 scf of gas is about $3. This means, revenue from 1 boe of oil is higher than revenue for 1 boe of gas ($60 versus $18). As there are also fields that only produce gas, this article tends to underestimate the costs of oil production.
US$ per Barrel Million Barrels per Day Operating cost (U.S. dollars a barrel) Oil production (million barrels a day) United Kingdom Canada Equatorial Guinea Malaysia Colombia Congo Norway China Venezuela Egypt Italy Ghana South Sudan Bahrain Libya Algeria Azerbaijan Chad Ecuador Iran Saudi Arabia Kuwait Brazil Australia Gabon Thailand Nigeria
Crude oil slumped to its lowest since 2016 on Monday as the coronavirus pandemic continued to weigh on global demand amid a price war between OPEC and its allies that's boosting supply.
Crude oil slumped to its lowest since 2016 on Monday as the coronavirus pandemic continued to weigh on global demand amid a price war between OPEC and its allies that's boosting supply.
Shale oil costs more than conventional oil to extract, ranging from a cost-per-barrel of production from as low as $40 to over $90 a barrel. The cost of conventional oil varies so much that Saudi Arabia can produce at under $10 per barrel, while worldwide costs range from $30 to $40 a barrel. The average cost for offshore rigs can be as much as 15 to 20 times greater than the average cost for land rigs. The least-expensive offshore rigs typically cost nearly $200 million. The average price for offshore oil-drilling rigs is approximately $650 million. In the U.K.’s case, Sara Sottilotta found operational expenditure (opex) per barrels of oil equivalent (boe) fell from more than $30 per barrel in 2014 to just $16 per barrel in 2019.
Oil prices. Oil prices are above $60 per barrel after almost two years. On October 30, 2017, Brent crude oil prices were $60.10 per barrel and West Texas Intermediate crude was at $53.91 per barrel. Brazil's oil production fell in January by 180,000 barrels after investments in its costly deep offshore basin were hit by low oil prices and a corruption scandal. In January, the country's state oil giant Petrobras cut its five-year investment plans through 2020 by $32 billion to $98.3 billion. A world oil price in the range of $55 to $60 per barrel is less than the cost of Russian Arctic oil production, European and Brazilian biofuel production, US and Canadian shale and tight oil production, and Brazilian presalt oil production. Sustained price levels below the cost of production can deter exploration Breakeven price of offshore oil worldwide in 2018, by company and project (in U.S. dollars per barrel) This statistic displays the breakeven price of offshore oil worldwide in 2018, by company and project. In that year, Royal Dutch Shell's pre-FID deepwater projects had an average breakeven oil price of just under 40 U.S. dollars per barrel. Let’s say the price for 1 barrel of oil is around $60 and the price for 1000 scf of gas is about $3. This means, revenue from 1 boe of oil is higher than revenue for 1 boe of gas ($60 versus $18). As there are also fields that only produce gas, this article tends to underestimate the costs of oil production.