Oil price plunge seen delaying US$380b worth of projects

Tokyo

OIL'S collapse has delayed US$380 billion worth of investment on 68 major upstream projects, according to industry consultant Wood Mackenzie.

The developments account for about 27 billion barrels of oil equivalent and about 2.9 million barrels a day of production is being deferred to early next decade, according to the Jan 12 report. Deepwater projects will be hit the hardest and account for more than half of new project deferrals, it said.