After the financial feast US$100+ oil prices brought to the oil and gas industry in 2008, the global financial crises, low crude prices and a slump in demand for oil, gas and petrochemical products has brought financial famine in 2009. The following is a list of oil and gas projects have been cancelled or delayed in 2009.
1. March 20 – Kuwait National Petroleum Co scraps a tender to build the US$15 billion Al-Zour grassroots refinery project. Al-Zour is the second giant downstream project to be cancelled in the last three months after K-Dow was scrapped in late December.
2. March 17 – Royal Dutch Shell Plc announces that the giant Perdido platform in the Gulf of Mexico (picture gallery) would now be going online in 2010 as opposed to 2009.
3. February 3 – The 15,000 barrel per day expansion at Marathon’s Detroit refinery was being delayed until mid-2012.
4. January 28 – ConocoPhillips announces that two unidentified refinery upgrade projects were being deferred in order to lower capital expenditure.
5. January 22 – Peru’s mining and energy minister announces that state-owned energy company Petroperu S.A. has placed a $1 billion plan to modernise its Talara refinery under review due to low crude prices.
6. January 19 – Bahrain’s Al Dur power and water project is delayed. The The $2.2 billion project is a 50/50 joint venture owned by the Gulf Investment Corp and French compnay GDF Suez.
7. January 13 – A major oil route from Russia to China is said to be under threat. Transneft, the Russian oil pipeline monopoly, announces that the project is not likely to open this year and blame contractor problems caused by the global financial crisis.
8. January 8 – Various gas and oil projects delayed by Ecuador. The South Amercian state says it will look for loans and investmen capital.
9. January 5 – Gassco announces that the $1.81 billion Skanled gas pipeline project to Scandinavia could be delayed from its planned 2012 launch. The North Sea gas pipeline operator cites worries by British chemicals group (and key client) Ineos over investment plans.
10. January –Â Qatar’s Pearl GTL plant could be delayed.
(Source: Forbes)
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