Despite the lower price of oil, McIlvaine is still reporting more than 30 new projects per week in its Oil, Gas, Shale and Refining Markets and Projects. (www.mcilvainecompany.com) The low oil prices are discouraging exploration, but they are not slowing the plans already in place to develop known reserves. Many of the projects require multibillion dollar investments. The expected return on investment is already based on fluctuating oil prices over the twenty year projected plant life. Saudi Aramco has just predicted that projects totaling $1 trillion would be delayed or canceled. Saudi Aramco itself has put on hold its deep water oil and gas exploration and drilling activities in the Red Sea and suspended plans to build a $2 billion clean fuels plant at its largest oil refinery in Ras Tanura. Countering this perspective, … Click Here For Complete News Release Text
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