CGES: Oil field costs haven't made crude oil prices rise

02/04/2013
About one third of the worldwide supply of crude oil costs less than $10/bbl to produce, and nearly 90% costs less than $20/bbl, according to a study arguing that production costs don't explain recent crude-price increases. In fact, concludes the Centre for Global Energy Studies, the price increase of recent years has caused, rather than been caused by, the cost hikes that have occurred. When the price of oil was $20-30/bbl, the CGES study points out, exploration and development progressed successfully even in the most expensive areas. Although the rate of cost increase has exceeded inflation, the fully built-up costs of developing and producing conventional oil, excluding taxes and royal...
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