Fitch Ratings International recently stated that despite the dramatic increase in drilling and service costs, the cost of oil and gas discovery, development and acquisition (FD&A) of U.S. oil and gas companies increased only modestly in 2011, and was still lower than in 2008. According to Fitch Ratings, the median cost of FD&A for 19 large-scale US exploration and mining companies in 2011 was US$18.51/barrel, US$14.89/barrel for 2010, and US$20.31/barrel for 2008. . Fitch Ratings stated that the only modest growth in FD&A costs is the contribution of technological progress.
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