Oil companies have tens of thousands of employees, tens of billions of dollars in reserves, and decades of experience in running large investment projects.
Yet time and again big oil companies prove themselves incapable of completing their projects on time and on budget.
In 2009 Chevron’s Gorgon, a liquefied natural gas project in north-west Australia, was expected to cost $37bn and start production in 2014. It has ended up costing about $54bn and came on stream this year. Soon after it started, it suffered a gas leak that meant production had to be shut down.
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