The global oil industry spent $3.5 Trillion, or $500 billion per year on 
average, for 2006 to 2012 inclusive of upstream (exploration and production) 
costs. �� 


For 2006 to 2012 inclusive, global "actual crude oil" production averaged 73.7 
mbpd, versus 73.6 mbpd in 2005. ��


So it took $3.5 TRILLION DOLLARS of exploration expense�� to increase average 
daily oil production by 100,000 bpd.

That is $35 MILLION dollars for each barrel of daily production increase.

Source: ASPO-USA

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