Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Bankers see $1 trillion of investments stranded in the oil fields

By cpowell
Created 2014-12-18 13:31

By Tom Randall
Bloomberg News
Thursday, December 18, 2014

There are zombies in the oil fields.

After crude prices dropped 49 percent in six months, oil projects planned for next year are the undead -- still standing but with little hope of a productive future. These zombie projects proliferate in expensive Arctic oil, deepwater-drilling regions, and tar sands from Canada to Venezuela.

In a stunning analysis this week, Goldman Sachs found almost $1 trillion in investments in future oil projects at risk. They looked at 400 of the world's largest new oil and gas fields -- excluding U.S. shale -- and found projects representing $930 billion of future investment that are no longer profitable with Brent crude at $70. In the United States, the shale-oil party isn't over yet but zombies are beginning to crash it. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-12-18/bankers-see-1-trillion-of-inves... [1]


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