Banks Won't Step Back From Deep-Water Drill Financing -HSBC Exec

23rd Jun 2010 10:36

LONDON (Dow Jones)--Major banks will not step back from financing deep-water oil and gas projects in the wake of the Gulf of Mexico oil spill, said Will Rathvon, Global Head of the Resources and Energy Group at HSBC Wednesday. "The U.S. Gulf issue will only cause folks to pause," Rathvon said at the World National Oil Companies Congress in London. "I don't think banks will get more conservative, I think the industry will change to mitigate those risks." A greater challenge for countries like Brazil, with major deep-water oil discoveries to develop, is getting enough rigs built quickly enough for their needs, he added. -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected] (END) Dow Jones Newswires June 23, 2010 05:36 ET (09:36 GMT)