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CAPITALIZED EXPLORATORY WELL COSTS
6 Months Ended
Jun. 30, 2023
Extractive Industries [Abstract]  
CAPITALIZED EXPLORATORY WELL COSTS CAPITALIZED EXPLORATORY WELL COSTS
The Company’s capitalized exploratory well costs were $71 million and $50 million as of June 30, 2023 and December 31, 2022, respectively. The increase is primarily attributable to additional drilling activity in Egypt, partially offset by successful transfer of well costs during the quarter.
Projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling are those identified by management as exhibiting sufficient quantities of hydrocarbons to justify potential development. Management is actively pursuing efforts to assess whether proved reserves can be attributed to these projects.