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The average cost to drill an exploration well in the deepwater Gulf of Mexico (GoM) has more than doubled to US$88 million since 2007, eroding returns on exploration. This rise in exploration well costs is mostly due to operators targeting deeper prospects in the Subsalt Miocene, Lower Tertiary, and Jurassic. Exploration drilling will continue to focus on these three key plays as they offer material opportunities providing 22 of the 25 largest discoveries in the last 10 years.
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This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.
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Insight | Jul 2014
US deepwater Gulf of Mexico offers many exploration opportunities
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