GLOBAL $200 BLN DOWN
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.
The deferrals "create a substantial hole in the industry's investment pipeline," accounting for about 20 billion bbl of reserves, the Edinburgh-based researcher said in an e-mailed report.
Brent crude prices have dropped by half in a year after the Organization of Petroleum Exporting Countries (OPEC) decided to maintain output to defend market share amid a global supply glut.
More than 50% of the affected reserves are in deep-water projects, while almost 30% are in Canadian oil sands, the report showed.
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Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.
Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.
Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.
Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years