About $380 billion worth of oil and gas projects are being deferred as the price of oil continues to hover near $30 per barrel, according to energy analyst Wood Mackenzie in a new report. The amount represents the deferral of 68 major projects, equivalent to 27 billion barrels of oil. As oil prices continue to fall, the analysts said more projects would be deferred until at least 2017. Deepwater projects are the most affected by the price drop, with 29 projects on hold.

The deepwater industry is looking for a renewed focus on standardization and innovation. The average break-even cost for delayed new projects was $62 per barrels of oil, according to Wood Mackenzie. “The impact of lower oil prices on company plans has been brutal. What began in late-2014 as a haircut to discretionary spend on exploration and pre-development projects has become a full surgical operation to cut out all non-essential operational and capital expenditure,” said Angus Rodger, Wood Mackenzie’s principal upstream analyst.