According to Rystad Energy estimates, the United Kingdom and Australia exhibited the highest cash costs per boe in 2017. Both countries—along with Argentina and Egypt—saw over 40% of their respective cash costs absorbed by capital expenditures. Moreover, the UK once again saw the highest production costs, which accounted for 44% of the country’s total costs per boe. Venezuela and Russia witnessed the highest tax burden, with each country contributing more than 30% of total per-boe costs to tax payments.
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