British oil and gas projects late and over budget, report says

4 Mar 2017   United Kingdom

Despite capital investments coming in at an all-time high, a British survey of oil and gas activity found few projects were delivered on time and under budget. The official British Oil & Gas Authority published its five-year review of oil and gas activity for the period ending in 2016. The review found less than 25 percent of oil and gas projects were delivered on time, with most running about 10 months behind schedule. OGA Operations Director Gunther Newcombe put a positive spin on the figures, noting investments came in at close to $50 billion over the last five years. “This brings considerable benefits in terms of financial contribution to the economy, supporting thousands of skilled jobs and safeguarding […]

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