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In Canada, heavy oil projects have been put on hold.
China has also invested hundreds of millions of dollars in oil projects in Gabon and Algeria.
It can be used as a continuous improvement solution for upstream oil projects.
The significant financial support will go towards one of SBM's flagship oil projects in Brazil.
But even that bounty may not shield complex oil projects from obsolescence someday.
Mr. Kepes said the merger might allow them to pursue big oil projects later.
He worked on Heathrow Express and spent many years on oil projects in Kazakhstan.
Spending of $1.3tn on new oil projects and $124bn on existing projects is unneeded, it concluded.
The newspaper linked this reticence to recent oil projects Iran is pitching to China.
Other high-cost oil projects, such as Canada's oil sands, could also be curtailed or postponed.
Mr. Ramírez also made a rare trip to Washington this month where he spoke about oil projects.
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