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Wood Mackenzie: Oil investments for USD 380 million cut

In the past six months, oil companies have postponed a total of 22 major projects and seven billion potential barrels of oil after the collapse of the oil price, estimates Wood Mackenzie. Capex investments worth a total of USD 380 billion have been slashed so far.

Photo: Statoil, PR

The southbound oil price has put massive pressure on the oil majors' incentive to invest in the past six months across the whole sector.

A total of 22 large-scale projects and a combined seven billion barrels of oil, BOE (Barrels of Oil Equivalent), have been put on hold since July 1st 2015, writes analyst agency Wood Mackenzie in a new report.

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