BP:Would Be Mistake To Discourage Investment In Deep-Water Oil

LONDON (Dow Jones)--It would be a mistake if the regulatory response to the Gulf of Mexico oil spill created an environment in which investment in deep-water oil production becomes impossible, BP PLC's (BP) Global Chief of Staff Steve Westwell said Tuesday. "I don't believe it should stop all further deep-water production," he said at the World National Oil Companies Congress in London. "Companies have been drilling in deep water in the Gulf Of Mexico for 20 years and until now have had a good safety record." To ensure another disaster like the Deepwater Horizon accident doesn't happen again, the industry must plan better for low-probability, high-impact events and develop new capabilities for handling deep-water well blowouts, he said. -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com (END) Dow Jones Newswires June 22, 2010 04:59 ET (08:59 GMT)