Oil Surge Loosens the Leash on Long-Delayed Drilling Plans
- Investment approvals in 2017 more than doubled 2015-2016 count
- There are still 104 big projects awating approval, Rystad says
OPEC, Russia Signal Oil Alliance May Endure Past 2018
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Rising oil prices are helping shrink a backlog of delayed drilling projects that reached a peak of 111 in January 2017.
From production vessels tapping Brazil’s deep-water reserves to pipes connecting rigs to underwater wells in China, the number of ventures that received final financial approval after a delay grew to 18 last year, according to a report by consultant Rystad Energy.