How much does oil well drilling cost?

Cost depend on the depth and complexity of the well. Modern horizontal well drilling costs can easily exceed $4,000,000 just in the drilling phase. Without drilling complications these wells generally take about 3 weeks for the drilling phase.

How much does it cost to drill an oil well offshore?

From 1998 to 2019, exploration and delineation drilling cost averaged $90.9 million per well and $26,494 per meter drilled. Development wells drilled from mobile offshore drilling units over the same period averaged $91.1 million per producer well and $68.8 million per injector well.

Is it worth drilling for oil?

Drilling for oil in the U.S. can increase the world’s supply of oil and ultimately reduce the price of oil. Moreover, lower oil prices benefit the average consumer in a number of ways, such as lower gasoline prices and lower food prices.

How much does it cost to drill a deepwater well?

Well Drilling Cost Drilling a well costs $5,500 for an average depth of 150 feet. Most projects range between $1,500 and $12,000. Expect to pay between $15 and $30 per foot of depth, or up to $50 for difficult terrain.

How much money do oil rigs make?

Oil Rig Worker Salary

What is the cost to produce a barrel of oil in Saudi Arabia?

Average annual Brent crude oil price from 1976 to 2021 (in U.S. dollars per barrel)

How much does it cost Saudi Arabia to produce oil?

While the nominal production cost of oil is the lowest in the world in Saudi Arabia at $2.80 per barrel, the requirements for revenues creates a wide gap between production economics and balancing the Saudi budget.

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