Oil industry costs continue steep rise: CERA (+6% over 6 months)

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NEW YORK (Reuters) - Costs to tap into new oil and gas projects escalated about 6 percent globally over the past 6 months and the climb can be expected to steepen on soaring prices for steel and other raw materials, according to a study released on Wednesday.

Cambridge Energy Research Associates (CERA), a unit of information and consultancy IHS Inc, said that costs to build new refineries and petrochemical plants also rose 6 percent.

"So long as oil prices remain high and demand for the end products remain high, I think we're going to see continued high level of costs," Candida Scott, senior director of cost and technology at CERA, said in an interview.

http://uk.reuters.com/article/businessIndustry/idUKHO44071720080514