NEW YORK (TheStreet) -- Shares of Statoil ASA (STO) closed down 2.32% at $18.10 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.
Statoil's Johan Castberg field in the Barents Sea, which was expected to get its financial investment decision in 2015, seems unlikely to get the go-ahead at the moment, given it has an estimated project cost of $16 billion to $19 billion, Raymond James analyst Bertrand Hodée said.
Statoil said that the final project design is due in the summer of 2015.
The Norway-based oil and gas company this week also said it had postponed until next October a decision to invest $5.74 billion in the Snorre field in the Norwegian Sea, as its profitability was under threat, 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.