The report, which was an analysis on the impact of continued low oil prices on upstream oil and gas projects, stated that in the last six months of 2015 an additional 22 major projects and seven billion barrels of oil equivalent (boe) of commercial reserves have been deferred, on top of the 46 developments and 20 billion boe of reserves identified previously.
According to the report, deep water projects have been hit hardest, accounting for over half of the total, as companies are forced to rework projects with high break-evens, large capital requirements and high costs.
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