“Finding costs”… EIA

“Finding costs”, from This Week in Petroleum:

“Finding costs are defined as costs incurred in E&D as well as acquiring unproved reserves per BOE of organic proved reserves additions. Finding costs provide an indicator of the expenditures needed to add a single BOE of proved reserves. Because of the disparity between the timing of companies’ expenditures and the formal reporting of changes to their proved reserves, standard practice is to average the results over several years. The 2017–19 average finding costs were lower for all regions than the 2014–16 and 2011–13 averages, respectively, but the 2019 world weighted average finding cost increased 34% from 2018 levels to $20.36/BOE (Figure 4).”