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Business/Finance See other Business/Finance Articles Title: Over $150 billion of oil projects face axe in 2015 PressTV... Fresh data show that global oil and gas exploration projects worth more than USD 150 billion are likely to be put on hold next year as oil prices continue to fall further. According to figures recently released by Norway-based oil and gas consultancy Rystad Energy, the outlook for onshore and offshore oil exploration and development projects - from the Barents Sea to the Gulf of Mexico - is in doubt and looks uncertain. Multinational oil and gas corporations say some projects in the North Sea, Arctic and Gulf of Mexico fields are either suspended or put on hold. As some of big oil fields discovered decades ago begin to deplete, oil companies are trying to access hard-to-reach fields located in some cases deep under sea level. The report comes as crude oil prices have plunged by 40 percent in the last five months to around USD 70 a barrel. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has decided to maintain the amount of the oil it produces at the current level amid an oversupply of crude and plummeting prices. The recent OPEC decision sent world oil prices dropping to fresh four-year lows. OPEC was under pressure from some of its members, notably Venezuela and Ecuador, to cut output to reduce supplies and push prices back up. However, the call was rejected by Persian Gulf members. Meanwhile, the International Energy Agency (IEA) has warned in a recent report that the “price rout” was not over and that crude futures would slide well into 2015. According to the IEA, OPEC pumped 30.6 million oil barrels per day in October, which was above its 30 million bpd target. JR/MKA/KA Post Comment Private Reply Ignore Thread
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