UK emerges as cost-cutting powerhouse in global offshore regions, Rystad says

Rystad said that, in absolute terms, Brazil experienced the second greatest drop in opex per boe, falling from $16 per boe in 2014 to $11 per boe in 2019. This reduction was driven primarily by a significant increase in production, especially from the giant Lula field. Across the globe, opex per boe in Norway is among the lowest, helped by the rising exchange rate between Norwegian Kroner (NOK) and the United States dollar (USD), which grew from an average of NOK 6.3 per $1 in 2014, to an average of NOK 8.3 per $1 in 2017. In contrast, Mexico’s operating cost per boe has risen since 2016, the result of decreasing production and an increasing share of production from mature fields.

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