Difficult decisions are needed to tackle challenges in the current market as the number of deepwater projects dropped 42 percent in the past year to 122. Weak crude prices, the slowdown of Chinese economic growth and the Middle East’s production have reduced hydrocarbon prospects in deepwater basins by a hefty 42 percent within the past year. Deepwater prospects are down to 122 as of January, down from 210 projects a year ago, Jason Waldie, associate director at energy research group Douglas-Westwood, said. Capital expenditure (capex) for the deepwater prospects, usually housing larger fields that could provide stable hydrocarbon supplies in the future, fell 35 percent to $137 billion in January from $210 billion forecast in January 2015. Tough Decisions “Now is the time to make tough decisions” in the industry, Waldie said. “Things could change very quickly. We just can’t predict external factors,” such as uncertainties in the market […]