The decision to go ahead or withhold action the development of Nigeria's Bonga Southwest offshore oilfield by Royal Dutch Shell and its partners has been put off till 2019, a senior company official said.
It is not clear if the delay is connected to the political trend in the country.
The project is one of Nigeria's largest with an expected production of 180,000 barrels per day.
Managing Director of Shell Nigeria Exploration and Production Company, Bayo Ojuli, said that the project will generate profit at below $50 a barrel.
Ojuli said that Shell is currently negotiating a production sharing contract with the Nigerian government which will determine the viability of the project and the negotiations are expected to finish this year.
Shell operates the project and ExxonMobil, Total, Eni and the Nigerian National Petroleum Corporation, are partners.