Disaster Drill

June 16, 2010 (LBO) – Oil exploration disasters are likely to continue in future as energy continues to dig deeper in the Ocean for petroleum products an analyst warned in Colombo, as Sri Lanka prepares for submarine drilling. "The hunger of energy and the need for energy is still on the rise and in the next 30 years your dependency on oil is not going to come down, that’s for sure," Santhosh Jayaram, Sustainability and Business Excellence Group (south Asia) said

"But where is the oil and if people say oil is only there for another 40 years that’s not right, where is the oil? It's in deep sea."

Jayaram was addressing members of Association of Chartered Certified Accountants (ACCA) at a breakfast forum held in Colombo.

He said the recent oil spill in the Gulf of Mexico is a good example of the risks governments and oil companies are willing to take to the demand for energy.

The Gulf of Mexico oil spill occurred when the Deepwater Horizon oil rig owned by British Petroleum (BP) exploded while drilling 5,000 feet below sea level.

Media report following the explosion 20,000 to 40,000 barrels of crude oil is leaking from the sea bed to the pristine waters of the Gulf of Mexico.

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