Moreover, it achieved that performance while keeping a lid on exploration costs.

The company said that increased exploration costs, lower crude oil prices and lower production were the primary reasons for the decrease.

The price was never disclosed, but it was enough to cover half of Hunt's exploration costs, the company says.

The cash-poor state-owned company could not afford the exploration costs.

In addition to higher crude-oil prices, the unit also cut exploration costs.

However, the development of commercial production is made easier by the fact that exploration costs are very low.

But the Russian company had trouble paying its share of the exploration costs.

The company has had to sell assets to pay for its exploration costs.

The companies cited rising oil prices and lower exploration costs.

But going forward it will be higher than that, due to political risk and higher exploration costs.