Cardium Oil Full Cycle Costs

November 4, 2024

Cardium oil full cycle costs at West Texas Intermediate (WTI) equivalent range by initial productivity (IP) and cost component.

Cardium oil full-cycle costs at West Texas Intermediate (WTI) equivalent range from a low of USD $43.58/Bbl for wells with an Initial Productivity (IP) greater than 1200 Bbl/d to a high of USD $88.79/Bbl for wells with an IP of under 300 Bbl/d.
Average Operating costs USD $11.90/Bbl while royalties & taxes and overhead are USD $12.34/Bbl.
F&D costs range from USD $3.78-$31.47/Bbl and the 15% producer return ranges from USD $2.39-$19.91/Bbl.
The assumed WTI differential is USD $13.18/Bbl.

Full-Cycle Cost Curve

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Incorrys analysis shows that there is just over 1,000 MMBbl of oil resource available below USD $50/Bbl and 2,700 MMBbl available below USD $60/Bbl. Current production (2023) was 36 MBbl/d (13.1 MMBbl/yr).

Cardium Basin Location

Cardium wells are located southwest of Edmonton, Alberta extending as far north as Grande Prairie and south as Calgary.

Number of Drilling Locations

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Incorrys estimates that Cardium has 7,300 drilling locations with productivity greater than 300 Bbl/d and over 29,000 drilling locations with productivity below 300 Bbl/d.