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    Cost Overruns in Hydrocarbon Megaprojects: A Critical Review and Implications for Research

    Access Status
    Fulltext not available
    Authors
    Olaniran, Olugbenda Jide
    Love, Peter
    Edwards, D.
    Olatunji, Oluwole
    Matthews, Jane
    Date
    2015
    Type
    Journal Article
    
    Metadata
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    Citation
    Olaniran, O. and Love, P. and Edwards, D. and Olatunji, O. and Matthews, J. 2015. Cost Overruns in Hydrocarbon Megaprojects: A Critical Review and Implications for Research. International Journal of Construction Project Management. 46 (6): pp. 126-138.
    Source Title
    International Journal of Construction Project Management
    DOI
    10.1002/pmj.21556
    ISSN
    1944-1436
    School
    Department of Construction Management
    URI
    http://hdl.handle.net/20.500.11937/24801
    Collection
    • Curtin Research Publications
    Abstract

    Cost overruns are prevalent in hydrocarbon (oil and gas) megaprojects. A recent report indicates that 64% of ongoing megaprojects globally are facing cost overruns. Despite their increasing occurrence, there has been limited published research in the mainstream literature that has specifically examined why and how they occur. Consequently, suggestions regarding how to constructively address cost overruns in hydrocarbon megaprojects are scant. To better understand the causal nature of cost overruns in hydrocarbon megaprojects, this article provides a critical review of the extant literature. Findings from the research indicate that complex interactions between project characteristics, people, technology, and structure and culture contribute to cost overruns occurring. As a result, it is suggested that chaos theory can be used to explain how cost overruns arise in hydrocarbon megaprojects. This article provides a reference point for engendering future research in this pervasive and fertile area.

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