Major oil and gas companies’ recent record of bringing large projects on stream within projected timeframes and budgets leaves much to be desired. Ernst & Young analyzed the performance of 365 megaprojects – those costing over $1 billion – and found 64% face cost overruns and 73% face delays. See Kashagan in Kazakhstan as one… Keep reading →
Cost Overruns
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We will never sell or share your information without your consent. See our privacy policy.The giant Kashagan oil field located in Kazakhstan’s North Caspian Sea is one of the largest fields discovered in recent history. The field was extremely challenging to develop and its cost skyrocketed from original estimates around $60 billion to a reported $136 billion. After numerous delays, first oil was produced from Kashagan on September 11,… Keep reading →
Chairman of the Nuclear Regulatory Commission (NRC) Gregory Jaczko listens to his introduction before he delivers remarks at the Regulatory Information Conference on March 13, 2012 in Rockville, Maryland.The long-expected federal decision giving SCANA a license to build two new nuclear reactors in South Carolina came along with news that project has already encountered delays and cost overruns.
The Nuclear Regulatory Commission approved the license for SCANA’s Summer station near Columbia, SC on Friday, seven weeks after approving a similar license for Southern Company’s Vogtle station near August, Georgia. The vote was again 4-1, with Chairman Gregory Jaczko again dissenting over the commission’s decision not to attach a specific provision requiring compliance with future post-Fukushima requirements. Keep reading →