The year-long decline in oil prices has taken its toll on new liquefied natural gas (LNG) projects worldwide as upstream petroleum firms reduced capital expenditure (CAPEX), including delaying or even cancelling greenfield developments. Currently, at least 46 major projects – holding approximately 20 billion barrels of oil equivalent in resources – have been deferred due to the market downturn, Wood Mackenzie’s Head of Gas and Power Consulting Rajnish Goswami said Sept. 9 at CWC’s 7th World LNG Series: Asia Pacific Summit in Singapore. “LNG prices are under pressure with near term weak demand. Investments in new LNG supply is under threat and $200 million CAPEX [have been] delayed, many of them gas projects,” he added. Pessimism shrouded the industry, affecting upstream investments, as global oil prices have shown little signs of recovery after falling below the psychologically significant $100 a barrel mark just over a year ago. U.S. crude […]