Due to the drop in oil prices, companies will have to cut international projects worth billions of dollars

Almaty. January 15. Silkroadnews - As a result of falling oil prices will be canceled or suspended international projects for its extraction and processing of billions of dollars, reports RBC.
On Wednesday, Shell announced a freeze on plans to build one of the largest refineries in the world, together with Qatar Petroleum. The company explained the decision reffering to "the current economic climate in the energy industry", writes The Financial Times.
British independent oil company Premier Oil also stated that it had postponed a final decision on participation in the project Sea Lion worth $2 billion for oil offshore the Falkland Islands. Its head Tony Durrant said that with prices below $50 /bbl., new projects will not receive approval. The company will also reduce the rate of pay for contract and freelance or employed in its projects in the North Sea and Southeast Asia.
Norway's Statoil has refused from three licenses to explore oil at the coast of Greenland - in the region, which requires the extraction of the highest costs in the industry. Another example filed Canadian Natural Resources, which this week lowered the annual forecast capital expenditure from $8.6 billion to $6,19 billion writes FT.
The publication notes that the decline in oil prices has hit the service companies, especially those that provide rent expensive equipment, such as drilling rigs. According to IHS Energy, the cost of the daily rental ultra-deepwater drilling, which are used in the Gulf of Mexico and the Angolan offshore in December was $440 thousand., or $100 thousand less than at the beginning of the year.
According to Michele della Vigna of Goldman Sachs, the industry will have to completely reboot, putting almost all investments until such time as the costs will not be compatible with the low oil prices. This process will take some time, said the analyst, and the resulting costs will be reduced by at least 20%.
Since the summer of 2014 the price of oil fell more than twice. On January 15 at the London Stock Exchange ICE March futures traded in the range of $48.42 - $50.02 / bbl.