Rig 919

The cost to drill one well is around USD$2.6 million. Just over 2 billion has been invested to drill around 900 wells in this middle east heavy oil project. Then another USD$4 billion to provide the infrastructure to get it out of the ground. With oil now around USD$72 per barrel. Thats 27 million of barrels to recover costs. If my calculations are right, producing 120,000 barrels of oil per day it will take just under 8 months to recover the costs of developing the oil field. Who know how many years it will last 5, 10 or even 15 years.