Oil spill casts doubts on deep water exploration - Economic Times

LONDON: The disaster caused by the Gulf of Mexico oil spill has cast doubts over the future of deep water exploration and is likely to have the long-term effect of raising oil prices, analysts say.

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British oil giant BP has struggled to stem the crude gushing from a ruptured underwater pipe after the Deepwater Horizon rig it leased exploded before sinking into the sea on April 22, causing a major environmental disaster. British oil giant BP has struggled to stem the crude gushing from a ruptured underwater pipe after the Deepwater Horizon rig it leased exploded before sinking into the sea on April 22, causing a major environmental disaster. "The benefits of being able to drill and produce in deep and ultra-deep waters are brought into question now it has become clear that basic remediation of problems is extremely difficult in deep water," said analysts at Barclays Capital.

Full Story: Oil spill casts doubts on deep water exploration - Economic Times