Sharp cut predicted in energy exploration, development costs

Last year was the most expensive year ever to find, develop and acquire oil and gas assets but this year those costs will free fall by between 25 and 35 per cent, according to a presentation by First Energy Capital Corp. on Friday morning.

In 2008, it cost a median $22.72 US to replace a barrel of oil or the equivalent amount of natural gas, compared with a five-year average of $16.10, analysts said, basing the figures on a survey of companies from around the planet. The figure was $4.38 in 1999.
CalgaryHerald