"'Drilling programmes will be hampered in the near term, in particular in US shale areas, but also elsewhere, because of immediate cost-cutting measures,' said JBC Energy analyst Raphaela Hein.
'In the past, we have seen that massive capital expenditure cuts to majors' budgets did not really impact their future production.'
'As such, we think that they will continue to look for new fields - maybe to a slightly lesser extent... and keep production within their long-term plans.'
'Of course this will contribute to ensuring their survival,' she added.
Ms Hein, however, said that Arctic projects appeared to be 'economically unviable.'"
"While the oil price crisis is making the realisation of such projects unlikely, 'political will may still trump' that, said JBC Energy's Ms Hein."