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Last updateFri, 20 Jul 2018 5pm

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Oil Companies Reining in Costs of Major Projects

Wood Mackenzie is forecasting lower costs, lower breakevens, higher prices and improved corporate finances all contributing to an upgrade in energy industry sentiment and more projects getting sanctioned in 2017.

However, the projects that did get the greenlight are notably smaller. The average capital expenditure to develop 'major' projects sanctioned in 2017 fell to only $2.7 billion, the lowest in a decade. To put this into context, the average project capex for those sanctioned over the last decade was $5.5 billion. 

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