Global oil and natural-gas producers have delayed $200 billion of investment in more than 45 projects following the slump in crude prices, according to Wood Mackenzie Limited.
According to Bloomberg, the deferrals “create a substantial hole in the industry’s investment pipeline,” accounting for about 20 billion barrels of reserves, the Edinburgh-based researcher said in an e-mailed report.
Brent crude prices have dropped by half in a year after the Organisation of Petroleum Exporting Countries (OPEC) decided to maintain output to defend market share amid a global supply glut.
More than 50 per cent of the affected reserves are in deep-water projects, while almost 30 per cent are in Canadian oil sands, the report showed.