Friday 23 January 2015

OIL MAJORS SEEK TO CUT BACK COSTS FROM SERVICE FIRMS

OIL MAJORS SEEK TO CUT BACK COSTS FROM SERVICE FIRMSGlobal oil majors, at the ongoing World Economic Forum in Davos, Switzerland, have demanded for cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years.

Cost overruns and delays were the main reason why oil majors generated less cash than shareholders expected when oil was over $100 per barrel.

Read more @ The Guardian

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