The 46 shelved projects represent an estimated 20 billion barrels of oil equivalent (boepd) of untapped reserves. More than 50 percent of the affected reserves, or 10.6 billion boepd, sit in ultra- and deepwater locations, while more than 30 percent, or 5.6 million boepd, lie in Canada’s oil sands.
The US Gulf of Mexico accounts for 1.15 boepd and Australia and Indonesia for a combined 6 billion boepd. Other countries hard-hit by the pullback include Nigeria, Norway, Angola and Kazakhstan. More than 50 percent of the affected reserves, or 10.6 billion boepd, sit in ultra- and deepwater locations.
Capital investment by major oil and gas companies is expected to be down by 10-15 percent in 2015 compared to 2014, according to the report.
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