Majors' upstream performance falls in 1998

A review of the 1998 results of 15 major oil firms reveals a decline in production replacement rates and an increase in finding and development costs vs. 1997. Click here to enlarge imageThe analysis by Bear, Stearns & Co. Inc., New York, reveals that the group replaced 132% of oil and gas production last year, including revisions (see chart). Although this is a decline from 1997`s 143%, it exceeds the 10-year average of 117%.Including revisions, finding and development costs from discoveries, extensions, and enhanced recovery for the 15 firms averaged $5.18/boe in 1998, compared with $4.29/boe in 1997 and a 10-year average of $4.39. Including acquisitions, costs were $4.87, an increase ...

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