Peak oil fact of the day

The global oil industry spent $3.5 Trillion, or $500 billion per year on
average, for 2006 to 2012 inclusive of upstream (exploration and
production) costs  For 2006 to 2012 inclusive, global”

actual crude oil” production averaged
73.7 mbpd, versus 73.6 mbpd in 2005.

So it took $3.5 TRILLION DOLLARS of exploration expense to increase
average daily oil production by 100,000 bpd.

That is $35 MILLION dollars for each barrel of daily production increase.

Source: ASPO-USA

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