cost-effectiveness of sth is high?

Question

In the following paragraph can we say

"the cost-effectiveness of drilling and finishing a well is still high/lucrative"

instead of

"the cost of drilling and finishing a well is low and profitable"?

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It is understood that shale-oil companies can still produce oil because the cost of drilling and finishing a well is low and profitable. However, when it comes to exploiting a new oil well, the cost is much higher, which suggests the need for greater caution. The market should take a close eye on the income statement of every oil drilling activity in the US. Indeed, these oil companies can reduce the cost by advancing their techniques, but they cannot put significant efforts into new oil exploitation activities completely and immediately.

Answer 1

I don't think that in everyday English we say "cost-effectiveness is high". We usually say something like "X is cost-effective".

So you might say

1. drilling and finishing a well is still cost-effective

You could also add "still quite/really cost-effective".

"the cost-effectiveness of drilling and finishing a well is still high/lucrative" is understandable, but I'm not sure that it is used like that in the professional world. I don't feel like it is used that way in everyday English.

Anyway, I would use 1. And actually, I would prefer the original sentence though I believe it might be somewhat circular. I think this is what it is getting at

It is understood that shale-oil companies can still produce oil profitably because the cost of drilling and finishing a well is (very) low.

or

It is understood that shale-oil companies can still produce oil because drilling and finishing a well is inexpensive/cheap and profitable.