Gulf of Mexico well costs are up 10 percent, said Executive Vice President of exploration and production at ConocoPhillips Matt Fox said at an event Aug. 22, the Houston Chronicle reports.
Stiffer regulations have increased well costs by about 10 percent as drilling activity levels reach highs not seen since the massive oil spill in 2010, a ConocoPhillips (NYSE: COP) executive said at a seasonal event that serves traders and oil prospects on Aug. 22.
Executive Vice President Matt Fox said time spent testing blowout preventers, the emergency equipment used for out-of-control wells, to meet government mandates is the primary cause of these rising costs, the Houston Chronicle reports.
?The industry as a whole is experiencing a lot of flat time on BOP testing,? said Fox, at the North American Prospect Expo, or NAPE, at the George Brown Convention Center in Downtown Houston. ?It?s a teething problem as we get through some of the newer regulations. It?s a phase.?
ConocoPhillips recently became the nation?s largest independent oil and natural gas exploration and production company after Phillips 66, its refining arm, spun off into a separate company, the Chronicle reports.
Fox is the company?s executive vice president of exploration and production.
Shaina Zucker covers commercial and residential real estate, construction, retail and hospitality.
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