A Review of Exploration, Development, and Production Cost Offshore Newfoundland

Operators have spent $84 billion Canadian dollars in exploration, development, and production offshore Newfoundland, Canada, between 1966 2019, produced about 2 barrels of an estimated 3.3 recoverable oil. Four major projects been developed—Hibernia, Terra Nova, White Rose/North Amethyst, Hebron—using two development concepts, gravity-base structures floating storage offloading vessels. The region is characterized by severe storm sea conditions, including the presence icebergs, which challenge all aspects exploration development. From 1998 to delineation drilling cost averaged $90.9 million per well $26,494 meter drilled. Development wells drilled from mobile units over same period $91.1 producer $68.8 injector well. Regional was $32.5/bbl since start expected fall $22/bbl when volumes circa 2020 extracted. Average regional 2006 2019 at $23.4/bbl ranges $16.8/bbl Hibernia $35/bbl Nova Rose. This first detailed evaluation Newfoundland.