Almost two-thirds of global oil and gas industry large projects continues to exceed planned budgets and 73% of them have not been finalized on time, says a Ernst & Young report.

The study analyzed 365 projects, each with a value of over $ 1 billion. In the case of 65% of projects exceed the approved budget, which "costs" oil and gas industry over $ 500 billion globally.

From geographical point of view, the highest percentage of projects facing cost overruns is Middle East (89%). Follow the Asia-Pacific (68%), Africa (67%), North America (58%), Latin America (57%) and Europe (53%).

Long term perspectives indicates that the success rate of project completion is decreasing, especially in several sectors of industry.