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)
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.
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