Oil industry narrows focus on deep water

Leaders of several energy-related companies avoided talk about a rebound in oil prices Monday and suggested it could be a long, slow recovery even as the search in deep waters goes on.

Companies in all aspects of energy production likely will be dealing with tighter budgets well into 2010 as supplies of oil and natural gas exceed demand.

“We think recovery is going to be modest over a long period of time,” ConocoPhillips CEO Jim Mulva said during a presentation to investment analysts at the Howard Weil Energy Conference.
CanadianPress