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Cash All Gone

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Extracts from an article by Jim Landers published on 10 March 2014 by The Dallas Morning News under the headline: “Petroleum project costs worldwide benefit Texas prospect”

The cost of developing the world’s largest oil and natural gas fields has reached heights straining the budgets of even the largest oil companies. Royal Dutch Shell, Exxon Mobil Corp., Chevron and Total are all looking to spend less than they did last year on projects that have broken the $50 billion threshold. In Kazakhstan, where several of the biggest oil companies are struggling to bring online the Kashagan oil field beneath the Caspian Sea, project cost estimates have gone as high as $187 billion, according to Offshore Technology.com. Even if the Kashagan field begins production later this year well below that peak cost estimate, it may still take decades before the partners (Exxon Mobil, Shell, Italy’s Eni, Total, KazMunaiGas, IPEX and China National Petroleum Corp.) recover their costs.

FULL ARTICLE

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