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2:19 pm
Fri April 30, 2010

Gulf Oil Spill

Oklahoma City, OK – CEOs: Gulf oil spill 'a real setback' for industry

OKLAHOMA CITY (AP) The CEOs of two Oklahoma City-based independent energy companies say the massive oil spill in the Gulf of Mexico will significantly set back industry efforts to increase offshore drilling.

Devon Energy Corp. CEO Larry Nichols and Chesapeake Energy Corp. CEO Aubrey McClendon spoke Friday morning at an energy conference in Oklahoma City.

A rig operated by BP and owned by Transocean Ltd exploded April 20. It left a blown-out well a mile underwater that's releasing more than 200,000 gallons of oil a day and threatening the Gulf Coast.

Nichols says the window of possibility of the federal government allowing expanded offshore drilling "has undoubtedly closed now." He says dealing with such a spill is "uncharted territory."


Copyright 2010 The Associated Press.