Insight
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8 Pages

The challenges of executing projects on-budget and on-time in the UK and Norway


The challenges of executing projects on-budget and on-time in the UK and Norway

Report summary

There has been a major increase in upstream activity and development investment in the UK and Norway over the past five years.  This has led to a tight supply chain, cost inflation, delays and the erosion of project returns.  As a result, industry is increasingly focused on project execution performance.  Of the 100 new field developments sanctioned or brought onstream between 2009 and 2013, 74% are over budget and 70% are delayed.  The average cost overrun is 18% and delay is six months.


What's included?

This report includes 2 file(s)

  • Project Benchmarking PDF - 9.27 MB 8 Pages, 0 Tables, 7 Figures
  • UK Norway Project Execution.xls XLS - 5.55 MB

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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  • An unprecedented level of development activity
  • Project execution performance - change in development capex
    • Projects ranked by % change in estimated cost at FID v. actual cost at first production or latest estimate

In this report there are 7 tables or charts, including:

  • An unprecedented level of development activity
  • Project execution performance - change in development capex
    • The challenges of executing projects on-budget and on-time in the UK and Norway: Image 2
    • Projects ranked by delay (in months) between expected start-up at FID v. actual start-up or current estimate
    • Project performance ranked by development type
    • Probable developments
    • Future Norway projects
    • Future UK projects
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