Financial Times: Project delays ‘drive up prices’: “Royal Dutch Shell, Europe’s second largest energy group by market capitalisation, this year made headlines with delays at its Sakhalin oil and natural gas project off Russia’s east coast and its Bonga oilfield in Nigeria.”
Tuesday 27 September 2005
By Carola Hoyos in London
Delays of big oil projects are helping to drive oil prices higher as energy companies become increasingly unreliable at delivering production from new oilfields on time, a recent analysts’ report has warned.
Oil production in 2007 will be 2m barrels a day less than expected because companies are increasingly having to delay the date at which their projects deliver their first barrels of oil, according to Sanford Bernstein, an international research group.