Canadian Oil Cos See Slight Hit from Deepwater Moratoriums

Canadian petroleum companies engaged in offshore oil and gas production said Monday that they expect only a slight effect on their operations due to international moratoriums on deepwater drilling. Nexen President and Chief Executive Marvin Romanow, whose Calgary-based company has delayed an exploration well and an appraisal well in the Gulf of Mexico because of the U.S. moratorium on deepwater drilling, said at an industry conference that the effects of the moratoriums would likely be modest.