Megaprojects Seen Becoming Less Mega as Oil Giants Rein In Costs
- Wood Mackenzie sees 30 major projects being sanctioned in 2018
- Average project cost will drop to $2.2B from $9.3B in 2009
This article is for subscribers only.
The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around.
Energy companies will approve spending for about 30 major projects this year, consultancy Wood Mackenzie Ltd. said in an April 5 report. That’s in line with the 32 that were sanctioned last year and more than were approved in 2015 and 2016 combined, when oil prices bottomed out amid a global price crash.