How much does it cost to build an offshore platform?

How much does it cost to build an offshore platform?

The average cost for offshore rigs can be as much as 15 to 20 times greater than the average cost for land rigs. The least-expensive offshore rigs typically cost nearly $200 million. The average price for offshore oil-drilling rigs is approximately $650 million.

How much do oil rig contractors make?

Drilling Contractor Salary

	Annual Salary	Weekly Pay
Top Earners	$145,500	$2,798
75th Percentile	$89,500	$1,721
Average	$76,181	$1,465
25th Percentile	$36,000	$692

How long does it take to build an offshore platform?

The entire process of installing an offshore oil rig takes roughly 2 to 3 years. The average price for one of these rigs is roughly $650 million too, so companies are hedging significant bets on any given location when they choose to install a rig.

How much does a jackup rig cost?

Newbuild jackup designs range from $159 to $530 million for water depths between 200 to 492 ft and variable deck load (VDL) capability of 3,750 to 7,000 tons.

Can you live on an oil rig?

Living Conditions Many rigs have around 200 people living and working onboard, and inside look like a cross between a hotel and an office. Cabins are shared, usually 2-4 to a room, with bathrooms shared by cabins. All cooking and cleaning is done for you, with a canteen providing all meals and snacks.

Is working on an oil rig worth the money?

It is no secret that oil rig workers stand to make an impressive paycheck, even in entry-level positions. Salaries for an entry-level oil rig position, such as a maintenance roustabout, average around $47,000 per year, with management positions making well over $100,000 per year.

What is the lifespan of an oil rig?

Oil and gas fields generally have a lifespan ranging from 15 to 30 years, from first oil to abandonment. Production can last 50 years or more for the largest deposits. Deepwater fields, however, are operated just five to ten years due the very high extraction costs.

How much does it cost to buy an oil rig?

IHS’s Patel said day rates for a land rig typically range from $28,000-$35,000, depending on specification. A basic rig of 1,500-1,700 horse-power costs $14-$15 million, with extra fittings adding another $5-$7 million.

Why is drilling so expensive?

Well then, why is drilling for oil so expensive? It is because of some of the costs involved: Payments for the contractors, welders, engineers, supervisors, mud loggers, geologists, scientists. Personnel for drilling, logging, cementing, casing and other logistics.

How much does an offshore drilling rig cost?

Small workover rig = a few tens of millions of dollars. Modern deepwater offshore drilling rig = about a billion. I’m more familiar with offshore rigs. Excuse my ignorance of land rigs and tender barges.

How big are offshore oil and gas platforms?

Image source: Getty Images. Offshore oil and gas platforms are remarkable engineering feats. Massive in size, these structures take several years and often many billions of dollars to build — but when complete, they can extract oil and gas from some of the least-accessible spots on the planet.

How long does it take to build oil and gas platforms?

Massive in size, these structures take several years and often many billions of dollars to build — but when complete, they can extract oil and gas from some of the least-accessible spots on the planet. Without them, the world’s energy companies likely wouldn’t be able to provide enough oil at economical prices to meet demand.

How much does it cost to drill for oil in developing countries?

This rough method suggests that the cost of exploration drilling in developing countries is about $125 per foot onshore and about $300 per foot offshore, with a considerable range of uncertainty (not treated here) around both numbers.