EY: oil & gas megaproject overruns to cost industry more than $500B
Green Car Congress
AUGUST 15, 2014
'A new report by EY finds that 64% of multibillion-dollar, technically and operationally demanding oil & gas megaprojects continue to exceed budgets, with 73% missing project schedule deadlines. On average, current project estimated completion costs were 59% above the initial estimate. In absolute terms, the cumulative cost of the projects reviewed for the report has increased to $1.7T from an original estimate of $1.2T, representing an incremental increase of $500B.
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