Filling out explanation from Texas Oil Man. You can find him on X. All errors MINE. Phase 1: Initial Exploration (1-3+ years, $25-30 million) Phase 2: Exploration Drilling (2-4 years, Many millions of dollars) Phase 3: Field Development Planning (Prior to FID) Phase 4: Field Development Implementation (1-5 years, $300M to $10B) Completed Deepwater Projects … Continue reading Deepwater Oil Exploration and Development