In the BP Statistical Review of World Energy (BP 2014), it was cited that consumption and production have increased for oil and natural gas to record levels across the globe. In parallel, hydrocarbon companies have been ramping up spending to meet those capital needs. 2013 saw increased global energy consumption. Developing economies nonetheless strive to dominate global energy supply, accounting for 80% of growth last year and nearly 100% of growth over the past decade (BP 2014). Additionally. 89% of all oil and gas projects overshoot their original budget in the Middle East, 68% in Asia Pacific, and 67% in Africa (EY 2014). These figures are directly in proportion to projects that have schedule delays; as an example, 87% in the Middle East, 82% in Africa, and 80% in Asia Pacific. In relation to the size of cost overruns and scheduled delays, it was highlighted that 65% of the projects analyzed were facing cost overruns, with an average increase of 23% of the approved budget (EY 2014). In several papers, it was highlighted that typical oil and gas megaprojects were very expensive and very late in their delivery schedule (Merrow 2012). This means that they were late to produce revenues and compensate for losses.
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