Dear WSO Users,
Take a medium-sized classic (non shale) upstream, Onshore oil project that has began commercial production.
Retrospectively, of the total CAPEX spent, what % (on average) will have been expended on exploration only (not counting development CAPEX subsequent to striking commercial oil, P1 under reserve classification)?
Any informed advice would be highly appreciated.
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My original info was incorrect. Mods please delete.
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