Newspaper article from our research archive:
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Cost Estimates Double In '07-08.
- Article from:
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APS Review Oil Market Trends
- Article date:
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September 29, 2008
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Copyright informationCOPYRIGHT 2008 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Project costs have risen sharply since 2002, in some cases five-fold between 2002-06. Since early 2007 they have doubled. As a result, some projects are being postponed, and economics are being distorted by rising costs and shortages.
Even Saudi Aramco or state-owned Qatar Petroleum (QP) do not dare to go to the market for money. They would have to pay 200 basis points or more above what they would otherwise. Big projects which would nned financing towards end-2008 include JV refineries in Saudi Arabia between Saudi Aramco and Total and Saudi Aramco and ConocoPhillips. Each of these JV refineries was in 2006 estimated to cost about $6 bn, but now the cost is over $13 bn.
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