Deepwater projects have been hit hardest in the low oil price environment, accounting for more than half of the upstream projects that have been deferred due to the tough economic playing field, said analysts Wood Mackenzie – with US $380 Bn of capex lost to the industry. In an update to a report from July 2015, Wood Mackenzie said that in the last six months of 2015 an additional 22 major projects and “seven billion boe of commercial reserves have been deferred”, on top of the 46 developments and 20 Bn boe of reserves identified previously.
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