Megaprojects - the new norm in the oil and gas industry. The oil and gas industry is witnessing an unprecedented wave of capital spending, driven by the need to build capacity to meet growing energy demand from emerging markets and to replace depleting supply sources. This capital expenditure has, to date, been underpinned by consistently higher oil prices, globally and gas prices outside North America. This trend is expected to continue. In its World Energy Investment Outlook 2014, the International Energy Agency (IEA) estimates a cumulative investment of US$22.4t in the global oil than US$1t.
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