Oil and gas exploration costs are on the rise once more, according to the latest company data compiled by Evaluate Energy for the major oil companies. Following a temporary lull in 2009, with spare capacity in the service industry and recession-induced falls in operating costs, the majors are facing sharply higher operating costs once more.
The graph below is based on company data reported to the U.S. Securities and Exchange Commission. Exploration costs are calculated by Evaluate Energy as costs incurred in exploration divided by additions to proved oil and gas reserves from extensions and discoveries.
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