OPEC reactivating oil projects put on ice by low prices: Badri
London (Platts)--20Oct2009/607 am EDT/1007 GMT
OPEC member countries have reactivated some planned oil projects which had been put on ice earlier this year as a result of low oil prices, the group's secretary-general Abdalla el-Badri said Tuesday.
"From the 35 delayed projects, seven of them will be reactivated," Badri said on the sidelines of the annual Oil & Money conference in London.
"They started already," he said, when asked when work on the projects would start.
Badri was not able to give specific details of which projects he was referring to.
In March this year, Badri said OPEC countries had collectively postponed 35 out of 150 projects that had been earmarked for startup over the next decade, and warned that more would be delayed if low oil prices persisted.
In February this year oil prices fell as low as mid $30s/barrel, but prices have since recovered and NYMEX crude futures are currently close to $80/barrel.
|
