CowenandCompany of 476 oil companies, according to a survey on average $70 barrel of oil prices, the global exploration and production cost will decline by 17%, to $571 billion.And if a barrel of oil price to $60 on average, the costs will drop by 30% to 35%.Due to the effect of weaker global demand for oil and gas and supply increase, New York crude oil futures have closing below $50 a barrel.CowenandCompany forecast, according to the exploration of North America costs will be reduced 22%, the biggest cut part is vertical drilling.

The nation's largest oil exploration and development company, conocophillips, will cut 20% of the cost;Resources and relatively small mainland companies will cut the cost of 40%.