November 14, 2024

Chart shows full cycle costs of North American oil and lease condensate over the period Q1 2022 through Q3 2024. Includes all major producing basins in the US (Permian, Williston, Niobrara, Eagle Ford, Anadarko and Unita), as well as Canadian plays (oil sands also included).

Full-cycle cost for the highest productivity Tight Oil wells is slightly below USD $40/Bbl, and remaining resources associated with this cost level is 2,000 MMBbl (Permian).

Canadian Oil sands (In Situ) full cycle cost is compatible with full cycle cost of US Tight Oil basins, although Oil Sands production growth is constrained by the lack of pipeline takeaway capacity.

Apart from Canada Oil Sands, Permian Delaware has the lowest full cycle cost over the analysis period at USD$48.50/Bbl), followed by Williston at USD$54.00/Bbl).

Canadian Oil sands (mining) has full cycle cost of USD $64.70.

Major US Tight Oil basins have full cycle costs between USD $48.50/Bbl (Permian) and USD $76.90/Bbl (Powder River).

* Full cycle cost of oil sands are calculated using a slightly different methodology. Cost of diluent is included in G&A component of full cycle cost. Sustaining cost and upfront capital cost are calculated separately. Oil Sands costs differ significantly for different projects. Projects approaching payout date are considered representative and included in the analysis.

For Detailed Full Cycle Cost information, by Basin, See Also: Crude Oil Cost – US and/or Crude Oil Cost – Canada