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.
My original info was incorrect. Mods please delete.
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