15% of oil and gas investment projects in Russia to be postponed – Ministry of Energy
Edited by Rhod Mackenzie / 2015-02-10 01:53:51
The Ministry of Energy of Russia expects about 15% of oil and gas projects planned to be realized in 2015 to be postponed if low prices for oil stay, Minister of Energy, A. Novak, said.
“There are risks that some projects might be postponed due to low oil prices. The investment volume will also be reduced. The assessments of our oil and gas companies: about 15% of investment projects planned for 2015 might be corrected”, the Minister said.
He said that the oil price will become stable at the level of $60-70/barrel and the growing tendency might appear in H2. “The correction of investment programs and influence on the reduction of production fall in those countries where it is possible, might lead to higher prices in H2 than today”, he said.
