Falling Oil Price Crisis Continues

Falling Oil Price Crisis Continues

Global oil and gas exploration projects worth more than $150B are likely to be put on hold next year as plunging oil prices render them uneconomic, shows data from Oslo-based research firm Rystad Energy.

With rising costs of production and analysts forecasting oil to average $82.50 a barrel next year, around one third of the spending on a total of 800 oil and gas projects worth $500B, is unlikely to be approved.

The drastic plunge in oil prices has hit energy company earnings and are expected to lower both on revenue growth and plans for future capital expenditures.

Oil and Gas Press