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million bpd in 1988, and production has since fallen largely because of the production decline of mature oil fields, limited lease availability, and high exploration and production costs. Oil and Natural Gas Wells by Production Rate report details state-level distributions of active production.
Our shift from cash outflow in 2023 to cash generation in 2024 has been important, and in 2025 we expect the cash generated by the Tawke PSC to continue to cover our costs. The world-class field operating cost of only $4/bbl and consistent production delivery throughout 2024 are testament to the successful delivery performance of this asset.
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