Top executives warn of the end of cheap oil

The era of cheap oil is over and the oil industry now requires investment on an unprecedented scale if supply is to keep pace with demand, top executives warned delegates at a London conference last month.

"We've been through investment cycles before but there are several things that make this one different," said Peter Robertson, vice chairman of Chevron, speaking at London's annual Oil and Money event. The scale of investment needed, the complexity of the work (which will increasingly be in