Most land rigs fall in the $10 million to $50 million range depending on their size, technology, and manufacturing origin. Generally, the deeper the drilling capability and the more advanced the configuration, the higher the price.
[pdf] In the arctic circle alone, it's estimated that 13% of the entire world's oil reserves are trapped under the ocean floor. In terms of what's under the entire world's oceans, it's estimated that 84% of all non-renewa.
[pdf] What is the average cost of a drill rig? A standard land rig with 1,500 to 1,700 horsepower will cost between $14 million and $25 million to own. An offshore oil rig cost is much higher, starting at $20 million and going as high as $1 billion.
[pdf] 
