International oil companies have delayed 46 major projects worth $200 billion due to the oil price crash since last year, according to research and consultancy group Wood Mackenzie.
The researcher reported Monday via email that '46 large projects globally have had their final investment decision (FID) pushed back at least in part due to the fall in oil prices.'
According to the report, the delayed oil and natural gas projects, including onshore and offshore drills were expected to produce 20 billion barrels of oil equivalent, while half of them were considered deep-water projects.
'We estimate the majority of these projects are now aiming to start up between 2019 and 2023,' Mackenzie said, as producers eye higher prices.
The most affected region has been Canada, with almost all oil sand projects deferred for an equivalent of 5.6 billion barrels of reserves, while deep water gas projects in the Aphrodite basin off Cypriot shores has also been pushed back.
Brent crude is down to $53 per barrel on Monday while the oil prices have further fallen by half since last year due to an oversupplied market.
By Furkan Naci Top
Anadolu Agency
furkan.top@aa.com.tr