Canadian independents' F&D costs, reserve additions up

The aggregate, fully loaded finding and development costs among the five largest independent Canadian exploration and production companies jumped by 35% to $10.68/boe (Can.) last year, up from $7.86/boe in 2000 and a 5-year average of $8.35/boe, said a financial analyst with Salomon Smith Barney Inc., New York.As with US independents, most of the fly-up in F&D costs experienced by the Canadians was driven primarily by a general escalation in drilling and other oil field service costs, along with a significant rise in acquisition costs in the relatively underexploited Western Canada Sedimentary Basin, said Salo mon analyst Robert Morris, in a report issued last month ."However, unlike thei...

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