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Posts tagged “gas wells”

By Robert Rapier on Jan 8, 2009 with no responses

U.S. Drilling Expenditures Shatter Previous Record

For those who don’t think U.S. oil companies are spending enough to find new oil: US drilling outlays soar to $226.4 billion in 2007 WASHINGTON, DC, Jan. 5 — US oil and gas drilling expenditures soared to a record $226.4 billion in 2007, more than doubling the previous record of $109.8 billion a year earlier, the American Petroleum Institute said on Jan. 5. API said the Joint Association Survey of Drilling Costs for 2007, the latest year for which figures are available, showed that records also were set in average costs per well and per foot. Average costs per US oil well grew 82% to $4 million in 2007 from $2.2 million, while per foot costs climbed 78% year-to-year to… Continue»