Norway reports massive development project cost overruns

03/01/1999
Many of Norway's offshore projects have been completed far over budget in the past 5 years, despite a push by operators to reduce development costs. In September 1998, Norway's Ministry of Petroleum and Energy announced a review of its cost-cutting program, having sensed that project costs were rocketing (OGJ, Sept. 7, 1998, p. 33). The ministry found that Norway's offshore operators expect to spend an extra 26 billion kroner ($3.4 billion) on 35 projects undertaken in recent years. A ministry official told OGJ this represented an average over-spend of 13% on Norwegian projects, but while much of the work came in under budget, there were some huge overruns. The &...
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