Renewable Revolution

SNIPPET:

The international oil industry is set to cut spending on exploration and development by $1 trillion as it responds to a plunge in oil prices, according to Wood Mackenzie.

Global investment in oil and gas projects between 2015 and 2020 will be 22 per cent lower than expected after prices began to slide in 2014, the researcher and consulting company said. A further $300 billion will be cut from exploration in areas such as the Arctic.

“The impact of the global drop-off on upstream spending has been absolutely huge,” Malcolm Dickson, of Wood Mackenzie, said.

http://www.thetimes.co.uk/article/oil-price-forces-industry-to-cut-back-on-spending-7ptnwqkbm