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I just read that Exxon has recently discovered oil in a block in Africa, and the test flow rate is approximately 10,000 barrels a day. If the rate for a rig is $200,000/day, then this oil is costing $20/barrel just for the rig. Are test flow rates lower than production flow rates and are the $200,000/day rigs used just for exploration or are they used for production as well (and if so, at a different day rate)?
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