World oil industry print “pending” a trillion

The oil sector resumes major investment, although the unstable market conditions and compete with the optimism of Management, - in this case the management of Chevron, BP and Eni. Total price due to the crisis in the oil and gas sector has been postponed until better times projects about $ 1 trillion

Oil giants do not seem to doubt the stabilization of markets and are ready to return to the major projects, frozen after the collapse of prices for “black gold” in the summer of 2014. Press service of Chevron Corp. announced the expansion of the Tengiz project in Kazakhstan. Production will begin in 2022. The project is estimated at $ 37 billion and is the largest since the crisis began.

BP Plc begins to build the second stage of the production of liquefied natural gas plant in Indonesia, estimated at $ 8 billion. Oil consulting company Wood Mackenzie Ltd. and Jefferies International Ltd. talk about the possible start of work this year, the Italian oil giant Eni over the Coral project in Mozambique, as well as BP - over the Mad Dog Phase 2 in the Gulf of Mexico.

“Recent decisions of the oil companies indicate that they intend to continue to work on strategic projects”, - said in an interview with Bloomberg leading analyst Wood Mackenzie Angus Roger. He expects about a dozen medium-sized and large projects will be launched this year. For comparison, before the summer of 2014 in the oil industry each year launched an average of four dozen such projects.

Of course, in recent years in oil revenues from oil sales plummeted. However, on the other hand, the collapse of oil prices has led to a reduction in maintenance costs of deposits, as well as the purchase of equipment, including due to lower steel prices. Due to various factors of this kind, the project is BP’s Mad Dog Phase 2, estimated four years ago to $ 20 billion, “shrunk” now more than doubled and will cost, according to executive director Bob Dudley, from 8 to 9 billion dollars .

Chevron with partners, including Exxon Mobil Corp., approved the expansion of the Tengiz field after yet another delay in the decision last year, when oil prices continued to fall. The American company as well as in the BP tried to minimize costs, and although the exact numbers are not known.

12 July 2016

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