"Drilling in deep-water oil fields remains essential in spite of the moratorium in the US Gulf of Mexico following the BP oil spill", Total boss Christophe de Margerie said. "If we stopped producing in the North Sea, prices would soar."

Other oil executives including Chevron head John Watson similarly have cautioned against imposing bans on drilling in waters over 200 metres deep.

"All this means extra attention, potential additional costs... and this might mean a slight delay before new projects are announced," de Magerie continued. "This can only have a negative impact over oil prices" and push them higher. The price of oil could easily bounce back to $90 per barrel by year end, as the BP well disaster was reducing investments in finding new fields.

Read more: Upstream Online [1]