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02 July, 10 Offshore drilling remains an essential part of the global energy market in spite of forthcoming US regulations, the chief executive of French oil giant Total has suggested. Speaking to the Wall Street Journal, he asserted that rocketing worldwide demand for the commodity means production companies have no choice but to continue to seek new resources at the bottom of the ocean. "This remains a job that not only is normal but is necessary," Christophe de Margerie told the publication. "If we stopped producing in the North Sea, prices would soar." He added that he expects tighter controls to be imposed on the offshore oil industry and admitted that the changes are likely to have a "negative impact" on the price of the commodity, driving it upwards towards $90 a barrel. Mr de Margerie's comments came after Hurricane Alex forced oil firms in the Gulf of Mexico to reduce output and evacuate personnel, with Shell opting to shut down its recently-constructed Perdido platform. Improve the efficiency of your business and your fleet with the Total fuel card. Posted by Steve Clarke
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