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Producers facing dramatically higher capital costs

02/19/2007
The costs of major oil and gas production projects have risen more than 53% in 2 years, and no significant slowing is in sight, said a benchmark index developed by IHS and Cambridge Energy Research Associates (CERA).The IHS-CERA Upstream Capital Costs Index (UCCI) tracked nine key cost areas for offshore and land-based projects. The UCCI climbed 13% to 167 during the 6 months ending Oct. 31, 2006, compared with an increase of more than 17% in the previous 6 months.Since 2000, the UCCI has risen 67%-with most of the increase in the last 2 years-while the Producer Price Index-Commodities for finished goods (excluding food and energy) moved up 7.5% during the same period.The continuing cost ...
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