FINDING COSTS REFLECT INDUSTRY IMPROVED EFFICIENCY

Robert J. Beck Economics Editor Driven by hard times, the U.S industry continues to improve the efficiency of its exploration and development program. The proof lies in oil and gas finding costs. The 5 year moving average for finding costs slipped again in 1991, the latest year for which all data are available, dropping to $3.50/bbl of oil equivalent (BOE) from $3.55/BOE in 1990, both in current dollars. The average has been falling steadily since hitting a peak in 1985.

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