Low-Priced Oil Means Streamlined Projects

摘要

Caution and cost-control remain the watchwords for engineering and construction firms working in the petroleum sector, even as November saw benchmark crude-oil prices inch above the $60-per-barrel milestone for the first time in two years. Analysts say global crude-oil prices could jump by as much as a third over the next 12 months. But years of sustained low prices have made owners more cost-conscious, and they are closely managing their capital investments, according to Jeff Sips, principal vice president for Bechtel Oil, Gas & Chemicals. As a result, the era of the megaproject is coming to a close. "Customers want to have a better line of sight between investment and returns," he says.