Oil, gas chiefs tout importance of deepwater wells to future demand

07/20/2010 | Reuters

The world needs deepwater oil to meet demand, energy executives said, adding that the extended drilling ban in the U.S. implemented after the Gulf of Mexico spill could threaten supplies and raise costs. Scaling back deepwater Gulf projects would "constrain supplies" and "would also be a step backward for energy security," said Jay Pryor, a Chevron executive, during a conference in London.

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