Cost To Produce One Barrel Of Oil By Country
As there are also fields that only produce gas this article tends to underestimate the costs of oil production. Saudi arabia according to the total cost of one barrel of oil is a global leader the price of production including taxes administrative and transportation costs is 898 per barrel.
cost to produce one barrel of oil by country
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Lets say the price for 1 barrel of oil is around 60 and the price for 1000 scf of gas is about 3.
Cost to produce one barrel of oil by country. This means revenue from 1 boe of oil is higher than revenue for 1 boe of gas 60 versus 18. Opec organization of the petroleum exporting countries members nigeria libya and venezuela have the highest total cost of producing crude oil. Oil production in brazil.
Cost of producing a barrel of oil and gas. Average cash cost to produce a barrel of oil or gas equivalent in 2016 based on data from march 2016. The rising costs of running the country have pushed the break even level of the price of the energy commodity to over 80 per barrel on the.
Meanwhile the saudi economy depends on oil revenues. All costs mentioned below refer to one boe meaning that are the costs related to the production of 1 bbl of oil 6000 scf of natural gas or a combination of both. A world oil price in the range of 55 to 60 per barrel is less than the cost of russian arctic oil production european and brazilian biofuel production us and canadian shale and tight oil production and brazilian presalt oil production.
Us per barrel million barrels per day operating cost us. The total production cost is at 316 per barrel. Heres what it costs on average to pump a barrel of oil in the 20 biggest oil.
Countries with the lowest total cost of oil production are iran and iraq with 909barrel and 1057barrel respectively. In the united kingdom it costs 5250 to produce a barrel of oil which is trading right now around 42. The collapse in the price of oil has squeezed energy companies and countries that were betting on higher returns.
But some oil producing countries are hurting more than others. Sustained price levels below the cost of production can deter exploration and production and shift production potential for years to come. Created with highcharts 423.
Published by statista research department nov 23 2015 this statistic outlines the average cost to produce one barrel of oil in leading oil producing countries worldwide in 2015 by country and by. Dollars a barrel oil production million barrels a day united kingdom canada equatorial guinea malaysia colombia congo norway china venezuela egypt italy ghana south sudan bahrain libya algeria azerbaijan chad ecuador iran saudi arabia kuwait brazil australia gabon thailand nigeria united states indonesia denmark angola vietnam.
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