$60 billion in oil sands projects frozen due to crude prices collapse – report – Mining.com

July 27, 2015

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 Ltd.

The Scottish energy consultancy says the dramatic fall in oil prices in 2014 and subsequent dismantling of 2015 company budgets has already already resulted in over 45 major projects delayed this year.

About half the affected venture are deep-water projects, while almost 30% are in Canadian oil sands, the report shows.

Earlier this year the same firm said it expected $12-billion worth of projects in the Canadian oil and gas sector to be deferred this year, $20-billion in 2016 and $27 billion in 2017, as far as oil prices remain under $58 per barrel.

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