Gas exports to Europe from Russia and Norway reached record levels last year, a new report said today.
The UK oil and gas industry is stirring back to life, with 13 fields expected to be sanctioned in 2018.
The number of delayed oil and gas projects sanctioned last year was more than double that of 2015 and 2016 put together.
Oil companies discovered less oil and gas this year — 7 billion barrels — than any year on record, the Norwegian research firm Rystad Energy reported on Thursday.
Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement.
The number of new field projects put on hold has increased from 40 to 63 in the past six months alone, according to a report. Senior analyst Readul Islam from Rystad Energy, said a total of $230billion in pre-development spending has also now been deferred. Islam said the drop in oil price has imposed stricter financial prudence on E&P players.