Report: Canceled projects Could Reduce 19 Million Oil Barrels Daily

Posted December 4, 2015 at 6:16am

Fuel Fix reports that “Oil companies have scuttled plans for scores of costly energy projects in an industry-wide retreat that could wipe out 19 million barrels from the world’s daily regimen of hydrocarbons over the next few years, a new report says.”  

“Oil companies have canceled or delayed final investment decisions on about 150 projects that are tied to 125 billion barrels of oil equivalent, which could stay underground for several years longer than expected amid a steep drop in crude prices, energy investment bank Tudor, Pickering, Holt & Co. said Tuesday.”  

“’By not sanctioning projects today, you’re putting a hole in production in 2017, 2018 and 2019 — potentially a big hole,’ said David Pursell, head of macro research at Houston energy investment bank Tudor, Pickering, Holt & Co.”