Global energy investment hit by financial crisis

The deepening of the global financial crisis and the sharp drop in energy prices have forced companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit.

Below is a list of projects that have been delayed or scaled back in recent months, as well as other related news.
Jan 28- Australian Worldwide Exploration Ltd (AWE) will see production fall by about 10 percent in fiscal 2009 on weaker output from its main field, while the drop in oil prices will hurt its profits, the oil and gas company said.

Jan 22 – Peru’s state-owned energy company Petroperu S.A. has placed under review a $1 billion plan to modernize its Talara refinery because of low crude oil prices, Peru’s mining and energy minister said. The project would raised the refinery’s capacity to 90,000 barrels per day from 62,000 bpd.

Jan 20 – Suncor Energy Inc (nyse: SU – news – people ), Canada’s No. 2 oil sands producer, halts construction of its C$20.6 billion oil sands expansion called Voyageur, including the planned upgrader and new stages of its steam-assisted production operation known as Firebag. Suncor also halves its previously lowered 2009 capital spending budget to C$3 billion.

Etcetera…from Forbes