NEW YORK (TheStreet) -- Shares of BP (BP) closed down 1.02% to $39.98 today on data that shows global oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic, potentially curbing supplies by the end of the decade, Reuters reports.
BP last year put on hold a decision on its Mad Dog Phase 2 deep water project in the Gulf of Mexico after its development costs ballooned to $20 billion and the oil major is now expected to further delay an investment on the field's development, Reuters said.
"BP were talking positively about bringing it back, but now it may be put on hold," BMO Capital Markets analyst Iain Reid said.
BP's CFO Brian Gilvary, however, said in an analysts briefing in October that he expected Mad Dog Phase 2 to be sanctioned in the first quarter of 2015, Reuters added.
Next year, companies will make final investment decisions on a total of 800 oil and gas projects worth $500 billion and totaling nearly 60 billion barrels of oil equivalent, according to data from Norwegian consultancy Rystad Energy.
Additionally, crude-oil prices fell hard again Friday, dragging down the sector, with the U.S. benchmark settling at a fresh five-year low.