The cost of finding and developing crude oil and natural gas reserves for big energy companies worldwide soared more than 50% from 2003 to 2006, according to data released by the US Energy Information Administration.
For the three-year period of 2004-2006, global finding costs averaged $17.23 per barrel of oil equivalent, up 51.3% from the 2003-2005 periods. Europe had the biggest rise over the period, with costs more than doubling. For US fields, costs rose by 60.9% to $11.34 per boe for onshore operations and 39.2% to $63.71 for offshore operations - a 50.2% average increase overall. The Middle East continued to boast the lowest development costs and slowest regional cost increase. Costs there rose 6.3% to $5.26 boe over the period.
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