Payoff as in return on equity amy reach 10 years, not to production....Spuddin an average well nowadays, I'd take a wag, at anywheres 10-100 mill based on depth.
At nominal production rate, declining market condition the return on equity could run that high..prolly not but could.
Chevron's Deep Water gulf find(found last year) will cost a cool billion to spud, 10 years to reach fruition and with no guarantees.
I get a little crampy when I hear whining over "big oil" profits.
Profit margin is defining factor in business ..Oil, 6-8 points..Insurance 20-30, Investment banking was the same....tell me who makes more.. all this ranting is just me, I am out of coffee..
I love fossil fuel!