Azerbaijan, Baku, Dec. 19/ Trend , A. Badalova/ The global financial crisis will continue to impact oil exploration and production projects in 2009, according to Research and Markets, Irish consulting company on world market study.
"More projects will be delayed as companies respond to a lack of available capital, higher financing costs and fears of a lower return on investment from a lower oil price," according to forecast of analytic company.
The global financial crisis and the decline in crude oil price to below $50 per barrel have made many new investments unfeasible, the report said.
According to forecast, demand for natural gas will continue to increase in 2009. World natural gas consumption is expected to increase by 1.0% per year for OECD countries and 2.3% for non-OECD countries. Natural gas consumption in OECD Europe is expected to increase by 1.4% per year till 2015.
Coal will continue to be the highest consumed energy source in 2009, according to Research and Markets report.
According to the EIA, coal consumption is expected to increase by 2.6% yearly till 2015. The consumption of coal is expected to increase to 3530.5 million tons of oil equivalents (mln tons) in 2009 and further to 3680mln tons by 2010.
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