Surging global demand for oil has driven a wave of new exploration and production projects in recent years. However, oil majors are facing spiralling capital costs in bringing new projects online and this has already caused some projects to be postponed or shelved completely.
Capital costs for the oil industry have risen exponentially since 2000, with some costs up almost 80%. All the way along the exploration and production chain a lack of capacity, due to years of underinvestment, is
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