Average US well, footage costs peaked in '99, API says

Click here to enlarge imageThe cost per well and cost per foot of the average completed well in the US set records in 1999.American Petroleum Institute said the costs of all US wells, including dry holes, averaged $856,149/well and $152.02/ft in spite of a 3.3% decline in average footage per well. The 1999 cost per well was 10% higher than the 1998 figure, and the cost per foot was up 14.8% on the year.The institute's annual Joint Association Survey on Drilling Costs shows that operators drilled 17,419 wells of all types last year at a total cost of $14.9 billion. That 15.2% drop followed increases in each of the previous four year-to-year periods.API said the 1999 spending decrease...

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