Deferrals in global oil and gas projects may increase to half a trillion dollars this year, up from the previous estimate of $400 billion, a Wood Mackenzie consultant says. Wood Mackenzie sees the current low-price environment possibly leading to more delays in oil and gas projects, raising the overall amount of capital expenditure (CAPEX) deferred for such developments to as much as half a trillion dollars this year, up from the consulting firm’s previous estimate of around $400 billion , Dan Young, the company’s head of Consulting, Asiapac said Thursday during a panel session at the Offshore Technology Conference (OTC) Asia 2016 in Kuala Lumpur, Malaysia. Companies in the oil and gas industry, preoccupied with the state of their financial health in the prolonged market downturn, have trimmed CAPEX since 2015. Wood Mackenzie has estimated in its mid-2015 review of CAPEX reductions and deferrals that $220 billion of oil […]